Closing Gold & Silver Market Report – 5/9/2011
Geoffrey Varner
5/9/2011 4:29:00 PM
A STRONG DAY FOR GOLD AND SILVER – Commodities as a whole rebounded today after the biggest weekly slide since 2008. European equities fell and Greek bonds dropped as Standard & Poor’s cut the nations credit rating again, while Moody’s put them on notice for a future downgrade. “Commodities were due for a relief rally just based on the amount of selling pressure we saw last week,” said Brian Lazorishak, money manager at Chase Investment Counsel Corp. Silver saw a nice recovery today, rising more than 5%. Gold was also up today closing over the $1500 mark again.
Paul Mladjenovic, author of “Precious Metals Investing for Dummies,” said gold looks “very strong” and any pullback will be minor, as the market expects some dollar strength and some euro weakness. In fact, the typical reasons for precious metals to be a safe haven for investors; inflation fears, a weak dollar, and geopolitical fears are still prevalent in the marketplace.
At 4:15PM (CT) the APMEX precious metal prices were:
- Gold price - $1,513.70 (up $21.30)
- Silver price - $37.79 (up $2.45)
- Platinum price - $1,797.20 (up $9.80)
- Palladium price - $731.00 (up $12.70)
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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
