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Closing Gold & Silver Market Report – 6/13/2013

PAST, PRESENT AND FUTURE INFLUENCES FOR GOLD

Gold dropped by 1 percent today as further U.S. economic data reflected a positive tone to a healthy recovery for the country. The market will patiently wait for any news to break at next week’s U.S. Federal Reserve policy meeting for signs that the central bank will scale back quantitative easing. “Gold prices are vulnerable to additional declines over the next few months. You have reduced import demand for Gold from India, healthy supply growth this year, and overall reductions in investor interest,” Erica Rannestad, Precious Metals analyst at commodities firm CPM Group, said. India’s government has increased the import duties on Gold by a third and restricted Gold financing by banks to cut its current account deficit.

Precious Metals have been in a constant struggle against a few major factors that have hit the market recently. Concern over inflation is low in spite of continued quantitative easing measures; the global economy is seen as improving; an increasing amount of Europeans are fleeing the euro and buying U.S. dollars, which pushes Gold down; and an unexpected large sale may have contributed to April’s big drop in prices. According to Casey Research, these are only transient factors that may lead investors to remain bullish on Gold. The evidence, they say, is how investors responded to the crash by purchasing physical Gold at unprecedented levels due to their strong belief and proof in history that the hard asset would rise again.

At 5:15 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1386.80, Down $7.20.
  • Silver, $21.90, Down $0.02.
  • Platinum, $1455.10, Down $28.70.
  • Palladium, $732.80, Down $24.30.

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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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