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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