Morning Gold & Silver Market Report – 6/25/2013
CHINA CONCERNS FADE; GOLD, STOCKS RISE
Stock futures and Precious Metals prices are on the rise this morning after concerns about China have eased. VTB Capital analyst Andrey Kryuchenkov said, “Bullion showed little reaction to firmer equities and other commodities, including Platinum group metals and Silver, after the People's Bank of China tried to once more calm the market on liquidity concerns.” Kryuchenkov also added, “People will give extra weight to any U.S. [macroeconomic data] or [quantitative easing] related comments.”
In China, all it took to calm fears about the state of the country’s economy was a People’s Bank of China official saying that the firm would monitor the volatile money-market rates and keep them within a “reasonable range.” Nordea Bank’s Henrik Drusebjerg said, “It’s just a relief that they have accepted the value of communicating with the markets and are starting to try and dampen extreme fluctuations. I still think the markets over the summer will be quite nervous. The general view is a flat period when we are through it, but going through it definitely will not be flat. It will be a roller-coaster ride.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,283.10, Up $4.00.
- Silver, $19.76, Up $0.15.
- Platinum, $1,353.70, Up 22.60.
- Palladium, $672.80, Up $15.20.
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