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Market Reports

Closing Gold & Silver Market Report – 9/16/2011


Precious metals have settled since mid-day trading as two U.S. stock indexes continue to rise.

Some have an optimistic look at the future of our world’s financial situation, thinking there is a seemingly simple solution to the current financial and political problems we are having.  Benjy Schwartz, Chief Market Strategist at Lightspeed Financial, says, “People are looking for some kind of certainty between Europe and the U.S., and we’re hoping by Oct. 11 for a conclusion to Greece, and more important Italy and Spain…They have plenty of time to come up with concepts that would facilitate stability.  If we could all come together to work on the economic woes of this world it would help everybody…The federal government needs to show support for the American people by putting together some sort of jobs package, not by being political but by reasonable.”

There are many out there who do not feel that the world will be getting better any time soon and feel very bullish about gold as a strong asset class to invest in.  They also see the potential for growth in this uncertainty. Martin Roberge, analyst at Canaccord Genuity, feels that this is just the calm before the storm for gold.  Canaccord writes in a research note, “…investors shouldn’t let $1,800 gold dissuade them from participating in precious metals…The world is still dramatically underexposed to gold, and we firmly believe it should represent a higher percentage of investors’ total portfolios today.”

On a side note, China is making a move to accelerate gold trading by setting a national gold standard.

At 4:00 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,811.10 – Up $31.20.
  • Silver - $40.76 – Up $1.24.
  • Platinum - $1,815.50 – Up $31.90.
  • Palladium - $737.00 – Up $9.60.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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