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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