Mid-Day Gold & Silver Market Report – 6/11/2013

PRESSURE ON GOLD PRICE CONTINUES

The Gold price continues to fall into the day as the effects of the Bank of Japan’s announcement that they will not extend their stimulus is felt. The BoJ’s decision may be the beginning of the end of the era of loose monetary policy. Gold has already suffered by talk coming out of the U.S. Federal Reserve as they consider when to end their monetary easing program. Marex Spectron's head of Precious Metals David Govett said, “The view is now that the Fed will taper quantitative easing. If that happens, it's negative for Gold. A lot of the rally Gold has had in the last three years has been down to QE.”

U.S. stocks are lower in afternoon trading as investors watch international data in the wake of BoJ’s announcement. Art Hogan, Market strategist at Lazard Capital Markets, said, “Today is going to be a truly global marketplace, because the Bank of Japan didn’t have more to say about the volatility in their bond markets.” Investment specialist Richard Slinn at J.P. Morgan Private Bank in San Francisco added, “It does feel like in the last couple of weeks, news has been affecting all markets, not just regional.”

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

  • Gold, $1,378.30, Down $9.70.
  • Silver, $21.77, Down $0.27.
  • Platinum, $1,483.60, Down $24.80.
  • Palladium, $752.90, Up $16.50.

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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
4/24/2014 11:49:18 PM EST

Metal Bid Ask Change
Gold $1,291.70 $1,293.70 $1.10
Silver $19.50 $19.60 ($0.15)
Platinum $1,403.40 $1,413.40 $3.80
Palladium $797.50 $802.50 ($0.80)
4/24/2014 11:49:18 PM EST

Click here for Historical Charts*All Charts are in USD


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