Our Daily
Market Reports

Closing Gold & Silver Marketing Report, 6/13/2012

PRECIOUS METALS VOLATILE AHEAD OF KEY GREEK ELECTION  

Precious Metals prices, although higher today, are still experiencing a lot of volatility through the day due to growing concerns over the eurozone debt crisis. Though risk remains elevated in the eurozone, Gold is holding steady. Domestic and sovereign concerns are hinged on central banks’ offerings of support. Analyst David Wilson said, “(Federal Reserve Chairman Ben) Bernanke, in comments made to the Congress committee last week, seemed to be intimating that QE was off the table. … But I wonder if, (as) Europe continues to drag, the likelihood of QE continues to grow. … That in itself should be supportive for Gold.” Meanwhile in a note to investors, Commerzbank wrote, “So far the financial aid promised to Spanish banks has failed to have its desired effect. On the contrary, the sell off of Spanish and indeed Italian government bonds continues. … The sovereign debt crisis can be expected to keep the markets on tenterhooks for quite some time yet and cause demand for Gold to pick up again — not only among retail investors.”

Alex Tsipras is still viewed as a front runner in Sunday’s Greek elections. He also feels that the European Union does not want to kick Greece out, even after repealing the austerity measures inflicted for the bailout the country already has received. He said, “We have no sense that European partners will follow this tactic of blackmail heard from some quarters and stop funding. … Something like that would be catastrophic not only for Greece but for the entire euro area. … We want to simply convince our partners that it’s in the interests of all to stop sending EU taxpayers’ money into a bottomless pit. This money should be used properly in a program that is effective and not on a memorandum that has failed.” The Greek people are making a run on the banks ahead of these elections, causing more of an economic strain on an already tenuous situation. Tsipras spoke to this topic as well when he said, “To stop these outflows, this hemorrhage from the financial system, it is imperative to have support from all political sides that we’re working to stabilize the Greek economy. This scare mongering on Greece leaving the euro must stop.

At 5:01 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,618.10, Up $4.30.
  • Silver, $28.88, Down $0.17.
  • Platinum, $1,466.00, Up $9.60.
  • Palladium, $618.80, Down $5.50.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays:

 
Gold
Silver
Platinum
Palladium
COMEX &
NYMEX Markets
Monday-Friday
8:20AM-1:30PM
Monday-Friday
8:25AM-1:25PM
Monday-Friday
8:20AM-1:05PM
Monday-Friday
8:30AM-1:00PM
CME Globex
World Markets
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM

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.

Back To Top

Items In Cart


There are no items in the cart.

PLATINUM