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Market Reports

Closing Gold & Silver Market Report – 3/29/2011


Whether or not we say the words double-dip as it applies to the housing recovery, or lack of, there was more disturbing data today. The S&P Case-Shiller report showed prices in the top 20 US markets dipped another 3.1% in January. For those unfamiliar with this report, please consider that this is a three month running average, so this data includes October and November when interest rates were at historic lows. “Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future” says Standard and Poors' David M. Blitzer. "The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing."

The above report, falling consumer confidence and even oil prices going up could not damper the appetite for risks, as the stock market rose over 80 points. The appetite for risks may be growing, but there are some sounding an alarm. JP Morgan is loaning AT&T 20 billion dollars to help finance their purchase of T-Mobile. Moody’s is warning that this could be an early warning sign of another credit bubble as this will encourage other banks to assume too much risks in order to capture the lucrative underwriting fees.

Not to be outdone by Europe, Japan or the Middle East, Peru would like to throw their name in the hat as a potential threat to the global economic health. The conflicts in Peru might not be as severe as Libya, but investors are beginning to keep a close eye on a situation with global ramifications. Peru is the second-leading copper producer, the largest silver producer and the fifth-largest gold producer.

At 4PM (CT) the APMEX precious metal prices were:

  • Gold price -$1,419.30 (down $1.60 in choppy trading all day long)
  • Silver price -$37.20 (up 5 cents after spending much of the day in the red)
  • Platinum price - $1,744.80 (down $5.00)
  • Palladium price - $755.90 (up $9.00 after a negative morning trade)

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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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