Closing Gold & Silver Market Report – 4/22/2011
PRECIOUS METALS STARTED STRONG BEFORE A CLOSED MARKET TODAY – The NYSE was closed today but that did not prevent gold and silver from trading overseas to continued highs of $1,513.50 and $46.86 an ounce, respectively. Analysts at Capital Economics maintain that that gold prices will reach $1,600 an ounce by the end of the year and they point to three main factors underpinning gold prices: Inflation fears, low interest rates, and gold’s safe haven status being reinforced by “destabilizing events”. All eyes will be on the fed’s Ben Bernanke next week as he speaks in an unprecedented news conference. We can expect that whatever he says will have an effect on the market. Signs of worry would continue to put upward pressure on prices but if he feels inflation is under control we could see a favorable response.
Silver has gained 51% on the year while gold is up 6%. So long as the dollar remains week (currently it is near a three-year low against a number of other currencies), precious metals should be able to retain their relative strength.
Markets are closed in observance of the Good Friday and Easter holidays.
At 4:15 PM (CT) April 22, 2011, the APMEX precious metals prices were:
- Gold price - $1513.50
- Silver price - $46.68
- Platinum price - $1816.60
- Palladium price - $771.80
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