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Mid-Day Gold & Silver Market Report – 6/26/2013

FED FEARS CONTINUE TO PUT PRESSURE ON PRECIOUS METALS

Precious Metals are continuing to struggle today with Tuesday’s U.S. consumer confidence report being at its highest level in nearly five years. Further optimistic U.S. data has been seen more recently with elevated orders for durable goods and the largest housing prices rise in nearly seven years. These factors indicate the U.S. economy is recovering, putting the Federal Reserve on the verge of tapering monetary easing for the country and creating pressure for Gold. “If you look at yields, they are going higher, and people are more bullish on the dollar - all of this creates a difficult environment for Gold,” UBS analyst Joni Teves said.

The U.S. dollar is continuing to appreciate with positive economic data; however, Adam Cole at RBC Capital Markets believes that if we see a series of poor economic data, it could easily postpone the Fed’s tapering of its bond buying program. Commenting on how any type of change with economic data could affect the U.S. dollar, Cole said, “It won’t be a straight-line dollar appreciation from here.”

At 1:10 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1233.20, Down $43.80.
  • Silver, $18.81, Down $0.84.
  • Platinum, $1306.00, Down $46.50.
  • Palladium, $634.50, Down $34.30.

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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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