Mid-Day Gold & Silver Market Report – May 5, 2011
Peter LaTona
5/5/2011 12:15:00 PM
US HOME PRICES OFFICIALLY DOUBLE DIP – According to a new report by Clear Capital, home prices have double dipped nationwide. Nationwide prices are now lower than their low point of 2009. Prices have fallen 11.5% in the past nine months. Over one third of the national home sales are coming from bank owned properties (REO) and banks want to get these properties off their books, thus driving prices down.
Commodity prices slip on the fears that economies may be cooling, inflation rising and falling demand.Today’s swoon is the most in two years and have pared commodity gains down to 10% for the year. Crude oil has fallen 6.3% to $102.36 per barrel. Precious metal prices are falling as well.
A senior Pakistan official has warned that the US would face “disastrous consequences” if it were to carry out anymore raids similar to the one just carried out to kill Osama bin Laden. Pakistan is rejecting any US criticism regarding bin Laden.
At 12PM (CT) the APMEX precious metal prices were:
- Gold price - $1,484.60 (down $32.20)
- Silver price - $36.57 (down $2.88)
- Platinum price - $1,779.70 (down $47.60)
- Palladium price - $713.40 (down $35.40)
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
