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Closing Gold & Silver Market Report – 6/27/2011

GOLD ATTEMPTS TO HOLD $1500, HURT BY DEMAND FOR DOLLAR – Gold was down today, amid rising demand for the U.S. dollar.  The dollar rose in FOREX trading today on fears of the euro zone debt crisis.  A stronger dollar tends to push down on commodities, and gold is no exception.  Neither is oil, which dropped again.  A high oil price can weigh on the economy due high transportation costs. 

According to Bloomberg News, economists and analysts can be grouped into two camps: Optimists and pessimists.  There are those who point to record corporate profits and the last two years of economic expansion and jobs growth, as slow as it has been, as a sign that the next two years will bring higher GDP and accelerated hiring.  There are also those analysts who point to the ending of stimulus programs, the slashing of government budgets from the local level all the way to the federal level, the euro zone debt crisis, and reduced output from Japanese factories due to the earthquake and tsunami.  The say all these factors combine for a very slow next two years, and possibly a double-dip recession.

Without the proverbial crystal ball, it’s impossible to know for sure exactly what the next few years hold.  That’s why many advisors will recommend allocating a portion of your assets toward gold, as an insurance policy against an uncertain future.

At 4:15 PM (CDT) the APMEX precious metals’ prices are:

  • Gold price – $1498.10 (down $3.30)
  • Silver price – $33.67 (down $1.06)
  • Platinum price – $1677.60 (down $1.00)
  • Palladium price - $731.80 (down $1.70)

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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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