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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.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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