Closing Gold & Silver Market Report – 4/28/2011
Peter LaTona
4/28/2011 4:30:00 PM
GOLD PRICES EXTEND RECORD BREAKING RALLY – Gold is an insurance policy and today was a day that highlighted the need for insurance. The US dollar fell even further as it was given no support by yesterday's Fed announcement. The US jobless claims were supposed to get better, (according to the experts),but they went up and not down. The first quarter GNP was supposed to be 2.0% (according to the experts), but it came in at 1.8%. The previous quarter it was 3.1%. Fed Chairman Bernanke assures us these are transitory issues. “Bernanke basically said, ‘hey, we are going to let the U.S. dollar just get crushed,’” said Michael K. Smith, with T & K Futures and Options Inc. in Florida. Now throw in the death toll from yesterday’s tornado outbreak is up to 284, and it further highlights the need for insurance.
In 2010, Central Banks became net buyers of gold for the first time ever. In 2011, Central banks are still not selling and Russia and Bolivia just purchased more. Investors are watching the China Central bank closely because they have given signals they might be sellers of dollars to purchase more gold. Their current gold reserves are on 1.7%. while most western countries are over 60%. Although China is only at 1.7% of reserves this still puts them in the top five for total gold owned. If they just double their position, it will affect gold prices.
At 4PM (CT) the APMEX precious metal prices were:
- Gold price -$1,537.50 (up $18.90)
- Silver price - $48.52 (up $2.49)
- Platinum price - $1.845.10 (up $24.90)
- Palladium price - $777.00 (up $16.90)
For those gold buyers who want both the gold and numismatic value, we have a very large collection of gold coins minted 1933 and earlier.
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
