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Mid-Day Gold & Silver Market Report – 4/5/2011

COMMODITIES ON THE RISE

Oil prices jumped to a fresh 2 ½ year high today, reaching $122/barrel; silver jumped to over $39/ounce (a 31-year high); gold hit over $1,450/ounce (a record high). “The whole commodity complex seems to be on the boil again, with precious metals, many of the base metals, and some of the agricultural (like corn), all hitting record or recent highs,” said Edward Meir at MF Global in a note.

The unrest in the Middle East and Africa seems to be outweighing the effects of China’s latest interest rate hike. However, on Thursday the European Central Bank is expected to announce a rate increase and this may send precious metals prices up yet again on inflation fears. “You get a knee-jerk reaction, silver might trade down and then the fear of inflation is going to bring those buyers back into silver, “ said Anthony Neglia of Tower Trading.

At 12PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,453.50 (Up $20.50 on the day)
  • Silver - $39.24 (Up $0.68)
  • Platinum - $1,798.00 (Up $12.00)
  • Palladium - $793.90 (Up $8.50)

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Disclaimer:
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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