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Mid-Day Gold & Silver Market Report – 6/10/2013

S&P OUTLOOK UPGRADE COULD SPELL DOOM FOR BARGAIN

Credit ratings agency Standard & Poor’s raised its outlook for the U.S. credit rating from “negative” to “stable” today, citing “tentative improvements” such as the fiscal cliff deal reached late in the year and better-than-expected growth with involvement from the private sector. S&P does not, however, have much faith in lawmakers to deal with long-term economic issues. They said in a note, “We expect repeated divisive debates over raising the debt ceiling.” Eurasia Group analyst Sean West believes the U.S. is “materially improving,” though the likelihood of a “grand bargain” to trim the U.S. deficit “went from low to approaching zero.”

The Gold price has been mostly flat in morning trading, while Silver and Platinum have experienced modest gains. “Tapering” seems to be the word of interest in the financial markets recently, referring to whether the Federal Reserve will begin tapering its quantitative easing program. The program has been very supportive of the Gold price in recent years.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,387.00, Up $2.00.
  • Silver, $22.05, Up $0.20.
  • Platinum, $1,509.30, Up $5.20.
  • Palladium, $769.40, Up $8.20.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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