Mid-Day Gold & Silver Market Report – 6/3/2013


Weak manufacturing data for the month of May has weighed on the dollar this morning causing a lift in Precious Metals prices. Today’s boost comes after last Friday’s session saw the Gold price fall 1.4 percent after figures showed U.S. consumer sentiment at its highest level since 2007. Reports showed that industrial output fell for the first time since November. Divergent economic data continues to cause uncertainty about the future of the Federal Reserve’s monetary easing program. Jeffrey Wright, managing director at Global Hunter Securities claimed, “Drawing out the process of stopping QE [in the U.S.] or the rate of QE is supportive for Gold in the near term, since it will delay a rise in real interest rates.”

While Gold and Silver are enjoying gains during the first half of Monday’s session, stocks have fluctuated between gains and losses following the unexpected U.S. manufacturing news. Observing the Institute of Supply Management’s May manufacturing report, John Lynch, regional chief investment officer for Wells Fargo Private Bank, said, “The ISM report was decidedly negative. Bad news can only be good news for so long for stock prices. At some point it will impact earnings and market levels.” As analysts weigh the latest economic news, investors will await further indicators that could impact the Fed’s decision to taper or extend quantitative easing measures.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,414.00, Up $19.00.
  • Silver, $22.81, Up $0.47.
  • Platinum, $1,499.50, Up $36.20.
  • Palladium, $758.80, Up $5.10.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! 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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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
4/16/2014 9:33:49 PM EST

Metal Bid Ask Change
Gold $1,302.10 $1,304.10 ($1.40)
Silver $19.54 $19.64 ($0.04)
Platinum $1,426.70 $1,436.70 ($1.10)
Palladium $798.50 $803.50 $0.20
4/16/2014 9:33:49 PM EST

Click here for Historical Charts*All Charts are in USD

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