Daily Market Update 3/3/11

GOLD
Gold closed at $1,412.50, down $23.25 on the day. The combination of a possible Arab mediation of the Libyan crisis, higher interest rates in Europe, improving US employment numbers, lower crude oil prices and 190+ rally in the U.S. Stock Market took the momentum out of the Gold markets today. A healthy correction and a great opportunity after a $120 increase over the last month.  

SILVER
Silver closed at $34.20, down $0.45 on the day. Silver Institute reported today that retail jewelers surveyed show a 23% increase in silver jewelry sales for 2010 and 2011 promises to be another sterling year for silver jeweler sales. Mints & Refineries are reporting a substantial shortage of physical Silver.

Today’s other Important News

• European Central Bank President Jean-Claude Trichet said today that the bank’s Governing Council may hike interest rates in April. After his comments, the Euro strengthened versus the U.S. dollar to $1.395
• The U.S. Labor Department reported today that new applications for U.S. jobless benefits fell by 20,000 to 368,000 in the week of Feb. 26, the lowest level in nearly three years
• The Australian Perth Mint has introduced the Australian Platypus, a new 1oz investment coin made from 99.95% pure platinum. The new coin fills a gap in the Mint’s line up of investment coins, which has existed since the withdrawal of the platinum Australian Koala in 2000.