Morning Gold & Silver Market Report – 3/28/2012

Ryan Schwimmer

3/28/2012 8:03:00 AM

CENTRAL BANKS’ BUYING MAY ADD ‘ROCKET FUEL’ TO GOLD’S PRICE, WRITER SAYS  

Precious metals prices were down this morning, after the Gold price failed to push through a key resistance level yesterday. U.S. stock futures gave up some gains after a report on durable goods orders showed a rise of just 2.2 percent in February, missing expectations by nearly 1 percent. January’s drop in orders was revised down by 0.1 percent.

Matthew Lynn of Marketwatch suggested that Gold’s bull run may not be over yet, even though prices have dropped lately. He mentioned rumors out of England that the country will be stockpiling Gold, and he said if central banks of “big, developed” countries start buying again, “it would put real rocket fuel into the price of the precious metal.”

Though financial issues in Europe seem to have fallen away from investors’ focus lately, former European Central Bank official Bini Smaghi said, “In the past, so many times, we thought that the worst of the crisis was over, and then new waves of instability came in. So, it’s no time for complacency; we have to prepare for the worst.”

At 8 a.m. (CDT), the APMEX precious metals spot prices were:

• Gold – $1,674.20 – Down $12.20.
• Silver - $32.32 – Down $0.35.
• Platinum - $1,641.40 – Down $17.10.
• Palladium - $650.90 – Down $13.10.

APMEX’s Account Managers now have extended hours and are here to serve you until 7 p.m. (CDT) Monday through Thursday! If you have any questions about investing in precious metals or would simply prefer to place your order by telephone, we are here to help.