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Mid-Day Gold & Silver Market Report – April 29, 2011

CHINA, RUSSIA WANT MORE GOLD THAN AMERICA

Central banks, which only a decade ago were selling their gold supplies, are now buying gold to lessen their reliance on the dollar as a reserve currency. According to Robert McEwen, the CEO of U.S. Gold Corp, “China is out to have more gold than America, and Russia is aspiring to the same. When you have debt, you don’t have a lot of flexibility. China wants to show its currency has more backing than the U.S.”

Gold is hitting new highs today, as the dollar drops to its lowest level in almost three years. Analysts still see the devaluation of the dollar spurring the price of gold and silver. “If the dollar continues to weaken, then it’s only likely to boost gold as well as silver as the inverse relationship between the two assets persists,” according to Ong Yi Ling, an investment analyst with Phillip Futures in Singapore.

Global concerns have not gone away either, with news out of Libya that fighting has spilled into other countries. NATO continues its air campaign with targets closer to the potential location of Qaddafi. There are a large number of disturbing rumors coming from Libya as well in terms of treatment of rebels by troops loyal to Qaddafi. If rumors are true, they would constitute war crimes.

At 12:07 PM (CT) the APMEX precious metals prices were:

  • Gold price – $1,551.90 (up $19.20)
  • Silver price – $48.45 (up $0.86)
  • Platinum price – $1,868.00 (up $27.10)
  • Palladium price - $794.50 (up $17.20)

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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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