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Closing Gold & Silver Market Report – 3/15/2012

BARGAIN HUNTING LIFTS GOLD PRICE; OIL RELEASE REPORT ‘INACCURATE’   

The Gold price has continued to climb since the Mid-Day Gold & Silver Market Report. Prices have trended downward this week as investors sold off Gold in response to Federal Reserve meeting Tuesday. However, the metal bounced back today as a result of purchases by bargain hunters, which some analysts think could continue to provide support for higher prices. According to Jeff Wright, a precious metals analyst with Global Hunter Securities, the Gold market is “finding support from both physical purchasing and interest at the ETF level.” Although Gold has seen a pullback recently, Wright said, “In the longer term, Gold is expected to continue rising with continued negative real interest rates, initial signs of inflation and gradual weakening of the U.S. dollar.” Prices for Silver, Platinum, and Palladium were up in afternoon trading, as well.

“Inaccurate” is the term the White House is using to describe a report released earlier in the day indicating Britain and the United States had agreed on a joint release of government-controlled oil reserves. Despite this, oil prices, which dropped by $1 per barrel on the earlier report, stayed flat after the White House update. Meanwhile, there was a major development in the West’s ongoing conflict with Iran over that country’s nuclear program, as the Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced today that it was severing ties with banks in Iran. Although sales of oil by Iran to other countries will continue, the loss of SWIFT will make it harder for Iran to get paid for that oil. Stephen Schork, an independent oil analyst and trader, said, “They’re going to sell because they have to. Whether they get paid through SWIFT or with barges filled with Gold, they’re going to do it.”

At 4:09 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,659.10 – Up $14.70.
  • Silver - $32.54 - Up $0.32.
  • Platinum - $1,684.90 - Up $8.60.
  • Palladium - $707.50 - Up $10.10.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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