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

METAL PRICES MOVE AS U.S. DOLLAR BECOMES MORE ATTRACTIVE  

Gold fell lower today as the U.S. dollar strengthened with news that China’s current housing market condition is similar to the infamous 2008 U.S. mortgage bubble. The major factor affecting Precious Metals presently is last week’s announcement from the Federal Reserve that easing measures may be tapered in the near future. Investors translate the message from the Fed as a positive sign that the economy is performing well and that inflation should no longer be a concern. The market believes in safe haven assets such as Gold when inflation becomes a concern. Although the Fed is trying to alleviate that fear by ending their bond buying program, inflation could still be an issue in the future. John Kinsey at Caldwell Securities Ltd. suggests that inflation will continue to be a risk with unprecedented money printing by central banks around the world. Kinsey remains bullish for Gold, saying, “Most of the reasons for Gold as a reserve currency, as a hedge against inflation, are still there. Everybody is stimulating and everybody has debt problems, and if the economies gain some traction, I think you’re going to see inflation come back.”

Minneapolis Federal Reserve Bank President Narayana Kocherlakota made an unexpected statement today in response to last week’s news conference by Fed Chairman Ben Bernanke. Kocherlakota commented on the Fed’s vagueness on what the economy can expect with future monetary policy. “The [Fed’s policy-setting] committee can reduce residual policy uncertainty, and so better achieve its goals, by providing this missing clarity in future communications,” he said. Kocherlakota proposes the Fed hold interest rates close to zero until the jobless rate hits 5.5 to provide the nation with needed stimulus.

 

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,283.40, Down $10.60.
  • Silver, $19.72, Down $0.36.
  • Platinum, $1,335.50, Down $36.00.
  • Palladium, $663.00, Down $11.80.

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 ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/24/2014 9:21:17 PM EST

Metal Bid Ask Change
Gold $1,292.00 $1,294.00 $1.40
Silver $19.59 $19.69 ($0.06)
Platinum $1,405.00 $1,415.00 $5.40
Palladium $798.00 $803.00 ($0.40)
4/24/2014 9:21:17 PM EST

Click here for Historical Charts*All Charts are in USD


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