Closing Gold & Silver Market Report – 5/10/2011
Geoffrey Varner
5/10/2011 4:14:00 PM
GEOPOLITICAL TENSION AND ECONOMIC WOES TURN INVESTORS TO PRECIOUS METALS – It was this time last week that the commodity markets were facing sell offs and increased margin calls. Today it is a different story as the economic community resets their collective thinking. Mark Luschini, chief investment strategist at broker-dealer Janney Montgomery Scott said, "From loose monetary policy to fiscal uncertainty and geopolitical unrest, those factors that have driven gold higher still exist." He continued on to say that, until those factors normalize, gold is going to stay higher.
Precious metals often get a boost from debt worries and with Congress debating on how to terms for raising the governments borrowing limit and rejecting increases in taxes it is understandable for Americans to be concerned about debt.
Despite the recent sell-off of precious metals, both gold and silver are up this year. Matt Zeman, head trader and strategist at Kingsview Financial in Chicago said that “giving the magnitude of the selloff a relief rally is certainly to be expected.”
At 4:15PM (CT) the APMEX precious metal prices were:
- Gold price - $1,517.00 (up $12.30)
- Silver price - $38.56 (up $1.38)
- Platinum price - $1,8017.00 (up $4.90)
- Palladium price - $731.00
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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
