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Closing Gold & Silver Market Report – 6/10/2013

LITTLE MOVEMENT WITH METAL PRICES; FRENCH PRESIDENT CLAIMS END OF EURO CRISIS

There has been no real movement with Precious Metal prices today. All metals reacted quietly after news broke that credit rating agency Standard & Poor’s raised the U.S. credit outlook from negative to stable. This announcement will likely create commotion in the market place as the U.S. has recently seen improved labor-market conditions, which could lead the Federal Reserve to cut back or discontinue further quantitative easing. “Any good news for the economy is not so good for Gold. The debate about when the Fed will taper or end stimulus continues to pressure,” Walter Hellwig of BB&T Wealth Management said. 

French President Francois Hollande proclaimed this weekend that the eurozone debt crisis is over. “What you need to understand here in Japan is that the crisis in Europe is over,” Hollande said to business leaders organized by the Nikkei media group in Japan on Saturday. Hollande added, “We have used various measures to address weaker nations. Member nations have tried to restore fiscal health. We have also established a banking federation. Due to these efforts, yields in the eurozone have dropped dramatically and we have been able to restore confidence among investors.” The Eurozone has been the focal point for world-wide financial markets for many years as their fiscal crisis has negatively affected major countries in Europe. Analysts continue to follow accurate data to determine whether the eurozone is in fact heading towards a healthy recovery. With euro nations’ unemployment rate surpassing 12.2 percent in April, it is hard to believe that fact is true.

At 5:07 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,387.90, Up $2.70.
  • Silver, $21.98, Up $0.13.
  • Platinum, $1,507.50, Up $3.40.
  • Palladium, $771.50, Up $10.30.

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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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