Mid-Day Gold & Silver Market Report – 4/28/2011
Peter LaTona
4/28/2011 12:08:00 PM
GOLD & SILVER HIT NEW HIGHS – Nothing new to report, but a continuation of the momentum started after yesterday’s Fed news conference. The US dollar continues to decline as well.
With all the attention on gold and silver, the recent rise in palladium and platinum have been somewhat under the radar.Both metals have supply side concerns coupled with growing auto demand, that sets both metals up nicely for both 2011 and 2012. Regarding platinum, according to Leon Esterhuizen of RBC Capital Markets, while the "pressure cooker" situation that was anticipated at the beginning of the year as a result of a supply side squeeze has reduced somewhat recently because of unforeseen events such as the earthquake in Japan, there is still likely to be a shortage of the metal this year. The same could be said for palladium.
The US GNP (gross national product) slowed to 1.8% in the first quarter of 2011 down from 3.1% experienced in the 4th quarter of 2010. Economists had expected 2%. Economists had also expected a decrease in jobless claims, but it went up by 29,000. That would be 0 for 2 for economists today.
At 12 PM (CT) the APMEX precious metal prices were:
- Gold price -$1,533.80 (up $15.20)
- Silver price - $48.69 (up $2.65)
- Platinum price - $1,842.50 (up $22.50)
- Palladium price - $779.30 (up $19.10)
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
