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Mid-Day Gold & Silver Market Report – 6/21/2013

GOLD’S SLOW RECOVERY

The Gold price recovered some ground in overnight trading after hitting near three-year lows. After the U.S. stock market opened, the Precious Metal has remained mostly flat, inching its way into positive territory. At this rate, when the day is over, Gold will have stayed on track for its biggest weekly drop in almost two years and the U.S. Federal Reserve’s announcement is mostly to blame. Quantitative easing has weakened the U.S. dollar, making it more advantageous to own Gold. Physical buying in India was slow despite Thursday’s price drop, while demand in China was higher.

The announcement from the Fed impacted more than just Gold prices, as stock indices around the world plummeted yesterday. Morgan Stanley Chairman and CEO James Gorman believes it was an overreaction and said in an interview, "This is not a time when fear should take over. This is the last in a series of hurdles that the markets have had to go through as they work their way back to a more normal environment."

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1298.00, Up $9.80.
  • Silver, $20.14, Up $0.20.
  • Platinum, $1371.00, Up $5.20.
  • Palladium, $674.60, Up $9.50.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! 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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