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THE MARKET RECOVERS ON U.S. ECONOMIC DATA

U.S. stocks, gold, and silver recovered today after yesterday’s 100+ point drop in the Dow.  Better than estimated housing starts and jobless claims have been given credit for the recovery.  The continuing saga out of Greece injected enough uncertainty, as it has been for some time, to keep the recovery in check.  Jonathan Corpina, head of NYSE floor operations for Meridian Equity Partners, put it eloquently by saying, “"The big headline is Greece, and it's going to continue to be Greece until there is some clarity or conviction that comes out of there.”

Rising inflation in China and India is expected to slow down the private investment demand for gold and silver.  On Thursday, June 16, the Reserve Bank of India raised its benchmark rates by 25 basis points to 7.50%.  As with any country, when inflation threatens, individual consumers of precious metals have to rethink their investment strategy.  India’s food price index for June has risen 8.96% while China’s inflation rate of 5.5% was the highest for that country since this time in 2008.  Rising food prices, a higher cost of living, and decreased savings are putting a damper on that country’s individual demand for gold.

At 4:15 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,530.50 (up $3.80)
  • Silver - $35.64 (up $0.15)
  • Platinum - $1,761 .20 (down $14.00)
  • Palladium - $759.00 (down $19.00)

Credit Suisse Gold Bars are a great way to own gold.

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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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