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Closing Gold & Silver Market Report – 6/17/2013

METALS STEADY BEFORE FED MEETING; G8 DISCUSSES GLOBAL ECONOMY

The U.S. Federal Reserve’s two day policy meeting begins tomorrow. Fed Chairman Ben Bernanke is scheduled to speak Wednesday regarding the next movement for U.S. monetary policy.  As investor eagerness develops, the Precious Metals market is quiet and prices remain stable for the day. “With very few clear choices left for monetary growth, U.S. equities continue to show resilience. This has kept the bear alive in the Precious Metals market while physical demand remains firm,” Marex Spectron broker Carlos Perez-Santalla said. It has been reported that Indian purchases of Gold have decreased as the government raised the import duties earlier this month. The supposed objective for the India government is to shrink its account deficit by reducing Gold imports.

Leaders of the Group of Eight (G8) rich nations met today to discuss world economic conditions. The representatives believe a move toward a eurozone banking union is strongly needed, and will be discussed later in the week. Today, Japan’s monetary policy was debated as they determined the country must “address the challenge of defining a credible medium-term fiscal plan.” The G8 stated “Japan's growth will be supported by its near-term fiscal stimulus, bold monetary policy and recently announced strategy for promoting private investment.” The G8 also acknowledged the U.S. economy has substantially improved, stating, “The U.S. recovery is continuing and the deficit is declining rapidly in the context of a continuing need for further progress toward balanced medium-term fiscal sustainability and targeted investments to enhance growth.”

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

  • Gold, $1,386.00, Down $3.60.
  • Silver, $21.88, Down $0.19.
  • Platinum, $1,436.10, Down $13.30.
  • Palladium, $716.70, Down $15.00.

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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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