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Closing Gold & Silver Market Report, 06/07/2012

YEAR-END ‘FISCAL CLIFF’ CONCERNS FED CHAIRMAN  

The Gold price took a dive today after Federal Reserve Chairman Benjamin Bernanke gave no indication of further monetary easing by the Fed. Bernanke testified before the Joint Economic Committee today. He pressed Congress to pass legislation to avoid the “fiscal cliff” coming at the end of the year, when automatic spending cuts will kick in and tax cuts will expire. Tom Essaye, editor of the 7:00’s Report, said, “That being said, there’s strong support (for Gold) at the $1,600 level, as generally the market feels that QE3 or more accommodation is just a matter of when and not if.”

Ratings agency Fitch downgraded Spanish debt to BBB from A today on concerns that the country will need a bailout package to avoid economic disaster. Furthermore, Fitch’s outlook is negative, which means that more downgrades are likely. German Chancellor Angela Merkel reacted by reiterating Germany’s commitment to helping its weaker eurozone partners. “It is important to stress again that we have created the instruments for support in the eurozone and that Germany is ready to use these instruments whenever it may prove necessary,” she said.

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,589.70, Down $44.00.
  • Silver, $28.64, Down $0.94.
  • Platinum, $1,441.40, Down $29.80.
  • Palladium, $623.10, Down $9.70.

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Disclaimer:
APMEX’s ‘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, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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