Closing Gold & Silver Market Report -5/5/2011
Peter LaTona
5/5/2011 4:34:00 PM
OIL SLIDES 8.6% IN ONE DAY – Oil fell below $100 per barrel on the concerns that a slumping economic climate will lower demand. The stock market was down triple digits and precious metals went through a major correction. It all started with the precious metals earlier,” said James Cordier, a portfolio manager at Optionsellers.com in Florida. “Oil is down because everyone is heading for the doors” to unwind their short on the dollar, long on commodities positions, he added. A weak jobs report added fuel to the fire, with investors again worrying about a double-dip recession, Cordier said. “Here we are supposedly at the height of the recovery and not only we can’t create jobs, we are losing jobs.”
There are many investors who feel this precious metals price correction is overdue, healthy and will set the stage for growth going forward. If there are concerns about the potential of a double dip recession because we cannot create jobs, what assets will be more attractive than gold and silver? No matter what the Fed says, most countries are preparing for inflation, and inflation will boost commodity prices.
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,474.50 (down $42.30)
- Silver price - $34.75 (down $4.70)
- Platinum price - $1,770.00 (down $57.30)
- Palladium price - $714.50 (down $34.20)
CINCO DE MAYO SALE GOING ON TODAY!
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
