Morning Gold & Silver Market Report – 6/26/2013
GROSS DOMESTIC PRODUCT (GDP) MISSES MARK
While the Precious Metals market reached a three year low overnight, the lackluster U.S. GDP report has the market recouping some of its losses. The first quarter economic growth in the United States was estimated at 2.4 percent; however, the final revised number came in much lower at 1.8 percent. This report could put a damper on talks of ending the Fed’s monetary easing program. While the growth is positive, many economists believe it will take more robust growth to get the Fed to change its easing course.
While the GDP report did slow the falling Gold price, the fact remains that the yellow metal is at a three year low. The positive economic conditions at the present time are not conducive to higher Gold prices. “We bought Gold for two reasons - because we were worried about the inflationary impact of policy and because we thought the financial system was going to fall apart. Although it may be completely the wrong judgment, the market has decided that none of those at the moment is a concern,” Sean Corrigan, chief investment strategist at Diapason Commodities Management, said.
At 9:00 am (EDT), the APMEX precious metals spot prices were:
- Gold, $1245.50, Down $31.50.
- Silver, $18.98, Down $0.67.
- Platinum, $1329.50, Down $23.00.
- Palladium, $652.00, Down $16.90.
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