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Closing Gold & Silver Market Report – 6/27/2013

HIGH EXPECTATIONS FOR GOLD; FED PRESIDENT BELIEVES QE WILL CONTINUE

As Gold drops, James Rickards, managing director at Tangent Capital, remains bullish on the yellow metal with an optimistic view for the near future. Richards believes the Federal Reserve will do the opposite of their proposal to pullback on fiscal policy and instead increase asset purchases as deflation is truly a concern for them. “In the next two months, the Fed is going to make it clear that they will not taper,” he predicts. “That's very bullish for Gold.” Tom McClellan, editor of the McClellan Market Report newsletter, is also a strong supporter for Gold. McClellan’s predicts at any time we could see a major Gold manufacturer begin cutting back its production or calling it quits. “We're getting down to the production price of Gold right now, and they won't continue producing Gold at that level for very long,” McClellan said.

William Dudley, president and chief executive officer of the Federal Reserve Bank of New York, advises that if future economic data does not meet the expectations that were discussed at last week’s policy meeting, the Fed may not keep their word on tapering monetary policy. “If labor market conditions and the economy's growth momentum were to be less favorable than in the FOMC's outlook — and this is what has happened in recent years — I would expect that the asset purchases would continue at a higher pace for longer,” Dudley said. Dudley has a perpetual vote with fiscal policy and agreed last week with Ben Bernanke’s timeframe to cut back on asset buying.

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

  • Gold, $1201.80, Down $30.00.
  • Silver, $18.55, Down $0.16.
  • Platinum, $1314.00, Up $8.30.
  • Palladium, $645.10, Up $11.90.

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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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