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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