Closing Gold & Silver Market Report – 6/20/2013
GOLD, SILVER AT TWO AND A HALF YEAR LOWS
One day after U.S. Federal Reserve Chairman Ben Bernanke indicated that the Fed’s monetary stimulus policies could taper off before the end of the year, Gold and Silver prices continued their drastic declines in afternoon trading. Both metals ended the day at lows not seen in two and a half years in what analysts described as a “bloodbath.” Currently, the Fed is purchasing $85 billion worth of bonds each month in order to stimulate economic growth, and this aggressive monetary easing has helped boost the demand for Gold. Bernanke made it clear that any changes in policy would be based on economic factors at the time.
Today, global markets also reacted to the Fed chairman’s comments. U.S. stocks fell more than 2 percent by day’s end, major markets in Europe dropped more than 3 percent and Chinese markets dipped approximately 2 percent. Meanwhile, interest rates increased to their highest point in two years, and the U.S. dollar rose as well.
At 5:11 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,281.70, Down $94.30.
- Silver, $19.72, Down $2.02.
- Platinum, $1,363.40, Down $62.50.
- Palladium, $663.30, Down $33.10.
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