Closing Gold & Silver Market Report – 5/23/2011
INVESTORS LOOK TO GOLD – Gold showed its resilience vs. other commodities, proving its safe haven appeal, closing at nearly a two week high, while other metals were slightly off the mark. Bart Melek, head of commodity Strategy with TD Bank Financial Group summed it up nicely when he said, “Gold is doing relatively well. This whole sovereign debt crisis will continue to be with us for quite some time and I'd suspect people will want the exposure to gold as a hedge against any sovereign defaults,". He continued on to say, that even though the dollar is strengthening, which usually lowers gold prices, investors are looking at gold as a hedge. To emphasize the point, gold prices in Euros hit a record high today of 1080.04 Euros an ounce.
Fears that the global economy is cooling off putt a damper on demand industrial metals brining down their prices today. James Cordier, a portfolio manager at Optionsellers.com in Florida said, “The global economy bull run of 2009-10, it really appears to be slowing down.”
At 4:15 (CT) the APMEX precious metal prices were:
- Gold price - $1,518. 50 (up $8.10)
- Silver price - $35.17 (down .01 cents)
- Platinum price - $1,755.20 (down $15.20)
- Palladium price - $736.60 (down $2.90)
See why gold has the safe have appeal it does, 2011 Gold Products.