Closing Gold & Silver Market Report, 6/18/2012

EUROPE IN CROSSHAIRS OF G20 LEADERS  

First on the list of priorities at the meeting of the leaders of the world’s 20 largest economies is -- no surprise here -- the financial crisis in Europe that has been stewing for over two years now. President Barack Obama has scheduled one-on-one meetings with German Chancellor Angela Merkel about the European crisis, and with Russian President Vladimir Putin about the conflict in Syria, in which Russia plays a large role as Syria’s primary arms supplier. 

Bond yields on Spanish government debt hit a fresh high today, signaling the market’s growing reluctance to continue loaning money to the insolvent country. Yields topped 7 percent, the highest since Spain joined the euro. “By requesting external assistance for the eurozone’s fourth largest economy, the … government has pushed Spain, Italy and the bloc as a whole into uncharted waters,” said Nicolas Spiro, managing director of Spiro Sovereign Strategy. In criticism directed toward the government of Spanish Prime Minister Mariano Rajoy, Spiro said, “Politically speaking, the ‘line of credit’ to Spain has already failed.”

Elections in Greece on Sunday failed to calm jittery markets as stocks and commodities turned negative today. After the pro-euro and pro-bailout New Democracy party won in Greece, Michelle Gibley, director of international research at the Schwab Center for Financial Research, said, “Even though we avoided the worst case scenario in Greece, the crisis has entered a new and dangerous phase, and it doesn’t end with Greece.”

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

  • Gold, $1,629.30, Up $0.70.
  • Silver, $28.78, Down $0.06.
  • Platinum, $1,484.80, Down $4.40.
  • Palladium, $635.60, Up $4.30.

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.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/23/2014 9:19:01 PM EST

Metal Bid Ask Change
Gold $1,285.50 $1,287.50 $0.90
Silver $19.37 $19.47 ($0.02)
Platinum $1,394.70 $1,404.70 $0.80
Palladium $783.40 $788.40 $1.40
4/23/2014 9:19:01 PM EST

Click here for Historical Charts*All Charts are in USD


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