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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