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Mid-Day Gold & Silver Market Report – 6/4/2013

GOLD PRICE DIPS AGAIN

The world’s largest consumer of Gold is the country of India, but the country’s government is putting a restriction on imports of the metal. The Reserve Bank of India extended an imports restriction on banks that they introduced last month. The announcement came after the country’s Gold imports increased between April and May by nearly 20 tons. Societe Generale analyst Robin Bhar said, “The news that the RBI will curb imports of Gold by agencies has weighed prices down today as it is a wider restriction and could imply lower imports of Gold into the country.” The Gold price was also cut by a stronger dollar and continued uncertainty over the timing of a pullback in the U.S. Federal Reserve’s stimulus program.

Today is an interesting day for the Dow industrials. If the index finishes higher today, it will mark the 21st Tuesday in a row with a gain. Nick Raich, CEO of the Earnings Scout, said, “The past few weeks have been all about whether the taper is going to occur or not, and what that means.” With investors keeping stocks near unchanged as they look for clues to upcoming Fed decisions, the Tuesday weekly win streak could be in jeopardy.

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

  • Gold, $1,398.5 Down $15.40.
  • Silver, $22.51, Down $0.32.
  • Platinum, $1,493.00, Down $5.90.
  • Palladium, $751.00, Down $8.10.

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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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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