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Closing Gold & Silver Market Report – 6/25/2014

GOLD WITH SIXTH STRAIGHT GAIN; DOLLAR DOWN ON GDP DATA

Precious Metals are flat through afternoon trading.  News the economy shrank much more than anticipated, plus a weakened U.S. dollar, helped Gold mark its sixth straight gain.  H.C. Wainwright managing director Jeffrey Wright said, “We still believe Gold is range bound from $1,250 to $1,350 [per ounce] in 2014, just heading towards the upward band of the range over past week.” He added that Gold has seen such a big move “on the back of the rotten GDP data which was released today.”

The U.S. dollar fell to a one month low Wednesday as investors continue to take in the weak GDP data.  Some investors believe this lack of positive news will cause the Federal Reserve to maintain their dovish stance on the economy.   Vassili Serebriakov, currency strategist at BNP Paribas in New York, stated, “The data underpinned the cautious stance that the Fed signaled at the June policy meeting.”

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

  • Gold, $1,321.30, Down $2.00.
  • Silver, $21.07, Down $0.03.
  • Platinum, $1,476.80, Up $2.70.
  • Palladium, $834.30, Up $3.90.

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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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