Daily Gold & Silver Market Report–3/11/2016
Jennifer Carter
3/11/2016 9:54:00 AM
GOLD CONTINUES 2016 RALLY
Spot Gold is up nearly 20 percent so far in 2016. The yellow metal is always a safe haven in a volatile equities market and it recently received a boost from the European Central Bank cutting interest rates. This has some investors thinking it is a good time to buy. "The trend is up, the trend has been up for the last several months and I continue to think that as long as the monetary authorities are going to remain as expansionary as they are [this trend will continue]," The Gartman Letter’s editor and publisher Dennis Gartman said in a Thursday interview with CNBC's "Futures Now". "Monetary expansion equals higher Gold prices." Gold is down slightly to $1,267.40 per ounce Friday but still up overall.
Oil prices are up Friday, as Brent crude is on track for its third weekly gain. However, Goldman Sachs warned U.S. crude could exceed storage in the coming months, keeping analysts cautious. "There are clear signs that market forces ... are working their magic and higher-cost producers are cutting output," the International Energy Agency said in their monthly report. Industry sources told Reuters oil pumping from Iraq's Kurdistan region to the Turkish port of Ceyhan resumed Friday. This pipeline had been closed since mid-February, removing nearly 600,000 barrels per day from the market.
At 9:52 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,270.40 Down $4.10
- Silver, $15.71 Up $0.12
- Platinum, $979.00 Up $1.30
- Palladium, $581.80 Up $6.80
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
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
