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Closing Gold & Silver Market Report – 6/14/2011

ROLLER COASTER MARKET BOUNCES – Following Friday’s sell off, many investors went bargain shopping today, causing most major stock indices and commodities to rise.  A falling dollar came along with a jump in gold prices, buoyed by fears that an economic recovery will bring further declines in the value of the dollar.  Could China’s currency be experiencing high inflation?  The government there recently raised interest rates through its central bank (again), a sign that the government feels comfortable with the direction of the economy, but also that they are trying to curb inflation, which currently stands at 5.5%.  China seems to have an insatiable appetite for gold, and Jason Toussaint of the World Gold Council says, “There’s a tidal wave of gold demand coming.”

On the home front, the looming debt ceiling crisis continues to make headlines.  Fed Chairman Ben Bernanke told a budget conference today, “History makes clear that failure to put our fiscal house in order will erode the vitality of our economy, reduce the standard of living in the United States, and increase the risk of economic and financial instability.”

At 4:15 PM (CT) the APMEX precious metals’ prices were:

  • Gold price – $1525.40 (up $9.30)
  • Silver price – $35.47 (up $0.65)
  • Platinum price – $1798.80 (down $9.00)
  • Palladium price - $796.30 (down $6.10)

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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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