Our Daily
Market Reports

Closing Gold & Silver Market Report, 6/21/2012

GOLD PRICE DROPS 3 PERCENT

Precious Metals prices are feeling the effects from the Federal Reserve’s announcement Wednesday that there would not be further stimulus at this time, with prices dropping. Analysts and investors are cynical in their outlook for the American economy and commodities. Kyle Cooper at IAF Advisors said, “It doesn’t look like the economy is taking off anytime soon, and oil demand is pretty poor.” Today, the Gold price experienced its biggest drop today since April 4; it dipped 3.1 percent. 

Federal Reserve Chairman Ben Bernanke said yesterday he’s concerned about the cost associated with easing programs. Bernanke said, “We’re prepared to do more. We have to get additional information on the state of the economy, what’s happening in Europe.” Bernanke’s statements Wednesday created speculation among many investors that QE3 will be likely with one more weak United States data report. 

At 5:07 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,566.10, Down $50.20.
  • Silver, $26.94, Down $1.56.
  • Platinum, $1,440.70, Down $28.10.
  • Palladium, $609.50, Down $11.00.

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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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