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Morning Gold & Silver Market Report – 6/28/2013

TAPERING AS EARLY AS SEPTEMBER; GOLD MINES CLOSE

The Gold price fell, and stock markets reversed course into the negative after comments from a Federal Reserve official.  Fed Gov. Jeremy Stein suggested that the central bank could begin tapering as early as September.  “The best approach is for the [Fed] to be clear that in making a decision in, say, September, it will give primary weight to the large stock of news that has accumulated since the inception of the program and will not be unduly influenced by whatever data releases arrive in the few weeks before the meeting,” Stein said.

The Gold price is hovering around a very important level with regards to production cost.  Reports have surfaced that many Gold mines have closed because it is simply too expensive to mine the metal compared to the current prices.  Andrew Su of Compass Global Markets said, “This fall in the price of Gold is not truly based on supply and demand - It's based on expectations of what the Federal Reserve is doing.  I think that somewhere along the line the Gold prices will simply start rising, because production will reduce supply significantly.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,195.50, Down $18.10.
  • Silver, $18.63, Down $0.02.
  • Platinum, $1,317.80, Down $9.40.
  • Palladium, $644.70, Down $6.00.

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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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