Closing Gold & Silver Market Report – 6/13/2013
PAST, PRESENT AND FUTURE INFLUENCES FOR GOLD
Gold dropped by 1 percent today as further U.S. economic data reflected a positive tone to a healthy recovery for the country. The market will patiently wait for any news to break at next week’s U.S. Federal Reserve policy meeting for signs that the central bank will scale back quantitative easing. “Gold prices are vulnerable to additional declines over the next few months. You have reduced import demand for Gold from India, healthy supply growth this year, and overall reductions in investor interest,” Erica Rannestad, Precious Metals analyst at commodities firm CPM Group, said. India’s government has increased the import duties on Gold by a third and restricted Gold financing by banks to cut its current account deficit.
Precious Metals have been in a constant struggle against a few major factors that have hit the market recently. Concern over inflation is low in spite of continued quantitative easing measures; the global economy is seen as improving; an increasing amount of Europeans are fleeing the euro and buying U.S. dollars, which pushes Gold down; and an unexpected large sale may have contributed to April’s big drop in prices. According to Casey Research, these are only transient factors that may lead investors to remain bullish on Gold. The evidence, they say, is how investors responded to the crash by purchasing physical Gold at unprecedented levels due to their strong belief and proof in history that the hard asset would rise again.
At 5:15 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1386.80, Down $7.20.
- Silver, $21.90, Down $0.02.
- Platinum, $1455.10, Down $28.70.
- Palladium, $732.80, Down $24.30.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help.