Closing Gold & Silver Market Report – 5/3/2011
Geoffrey Varner
5/3/2011 4:55:00 PM
THE ROLLER COASTER RIDE CONTINUES – Gold and silver prices on Tuesday finished lower, gold price finished at $1,538.60 and silver was $41.74. Each metals’ drop could be considered significant, but let’s put these prices in perspective. Only two months ago, as of March 3rd 2011, gold and silver closed at $1,417.00 and $34,29, respectively. Although we have seen a price drop, analysts at Brown Brothers Harriman said in a research note, “Gold is set to remain well supported as the combination of a weak dollar, elevated commodities and higher U.S. inflation expectations support demand for inflation hedges.”
The euro was up slightly against the dollar today. “I think the market has discounted for the moment European debt risk and the market is focused on what the Fed intends to do and what the ECB is doing," said Greg Salvaggio, senior vice president for capital markets at Tempus Consulting. However, the dollar was up on news that India raised rates by 50 basis points to fight inflation, currently at 8.89%.
At 4:15 PM (CT) the APMEX precious metals prices are:
- Gold price - $1,538.60 (down $20.00)
- Silver price - $41.74 (down $4.41)
- Platinum price - $1,859.00 (down $17.70)
- Palladium price - $775.50 (down $10.60)
The Platinum Australian Platypus, sold out at the Perth Mint! An interesting platinum addition to your portfolio.
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
