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Market Reports

Morning Gold & Silver Market Report – 6/24/2013

CHINESE DATA A NEGATIVE FOR GLOBAL MARKETS

Global markets were hit hard by a more than 5 percent drop in the Chinese stock market Monday. This increased fears of a liquidity crunch, so much so that Goldman Sachs became the latest to cut its Chinese growth forecasts. European markets fell prey to negative results after the Shanghai stocks melted down. Stephen Pope, managing partner at Spotlight Ideas, said, “I would suggest that almost all of the downward movement in U.S. futures...is due to the concern over the state of the Chinese economy and the implications for the rest of the world.” He continued on to say he believes we have overplayed the downside of the U.S. Federal Reserve story, but with China, “we have another excuse to trade with timidity.”

The Gold price pushed near a three year low in overnight trading as it lost nearly one percent on a stronger dollar. So far, this has been a difficult year for the Precious Metal, having lost 24 percent overall. Danske Bank analyst Christin Tuxen said, “This is a fairly quiet week, with not much in the calendar, but with the dollar and U.S. Treasuries yields stronger, we see Gold remaining under pressure." Analysts have said that the $1,300 mark is a key level to watch.

At 9:13 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,288.50, Down $5.50.
  • Silver, $19.86, Down $0.22.
  • Platinum, $1,359.60, Down $11.90.
  • Palladium, $668.80,  Down $6.00.

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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