Closing Gold & Silver Market Report – 4/29/2011
Peter LaTona
4/29/2011 4:24:00 PM
GOLD CLOSES AT A RECORD PRICE – Gold prices continue to be a story of a weaker US dollar. Even the Central Banks are getting out of dollars to buy gold.“The dollar will continue to lose ground for the foreseeable future, so it only makes sense to be invested in precious metals,” said Matthew Zeman, a strategist at Kingsview Financial in Chicago.
Oil prices were also on the move today and oil posted its eighth straight monthly gain. Yesterday's three-year lows in the dollar index following the mid-week Fed statement strongly suggests a market dynamic that is not yet ready to reverse," Jim Ritterbusch, president at Ritterbusch & Associates in Galena, Illinois, said in a note."Consequently, oil will continue to be valued as an asset class or inflation hedge along with other commodities such as the gold market." Oil prices closed today at nearly $114 a barrel.
At 4PM (CT) the APMEX precious metal prices were:
- Gold price -$1,467.30 ($34.60)
- Silver price - $48.04 (up 45 cents)
- Platinum price - $1,879.00 (up $38.10)
- Palladium price - $796.60 (up $19.40)
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
