Closing Gold & Silver Market Report – 6/4/2013

LOWER GOLD COST DRAWS IN BUYERS

Gold ended the day down in afternoon trading, pushed there by heavy selling pressure. According to the World Gold Council (WGC), demand for Gold is down about thirteen percent in the first quarter of this year compared to last year. However, that is mostly influenced by the large sell-off of electronically traded funds during that time. It is a totally different story with Gold coins and bars, which are up 10 percent based on a five year average. “The steady level of buying confirmed that central banks and institutions continue to favor Gold’s diversification benefits, as they reduce their portfolio allocations to U.S. dollars and euro,” the WGC states. “Again during the first quarter, the central banks adding to their Gold reserves were distributed widely around the globe, with volumes concentrated in emerging markets.”

The U.S. jobs report will be released Friday, and many believe it will be a strong indication of what the next move by the U.S. Federal Reserve will be. All the talk has been about whether the Fed would end its aggressive monetary easing program, and the jobs report could shed light on the subject. While the Fed has backed its policy saying it has helped the economy, one investment officer thinks not. Bill Gross, founder of bond giant Pimco, said toward Fed Chairman Ben Bernanke, “Well it's been five years Mr. Chairman and the real economy has not once over a 12-month period of time grown faster than 2.5%. Perhaps, in addition to a fiscally confused Washington, it's your policies that may be now part of the problem rather than the solution."

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

  • Gold, $1400.90, Down $13.00.
  • Silver, $22.59, Down $0.24.
  • Platinum, $1493.20, Down $5.70.
  • Palladium, $751.40, Down $7.70.

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 ‘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
4/25/2014 3:43:35 AM EST

Metal Bid Ask Change
Gold $1,293.20 $1,295.20 $2.60
Silver $19.56 $19.66 ($0.09)
Platinum $1,402.60 $1,412.60 $3.00
Palladium $797.00 $802.00 ($1.30)
4/25/2014 3:43:35 AM EST

Click here for Historical Charts*All Charts are in USD


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