Closing Gold & Silver Market Report – 6/18/2013

STOCKS, METALS CONTRASTING BEFORE FOMC MEETING

Gold and Silver prices fell by approximately one percent today as the focus has been the upcoming Federal Open Market Committee (FOMC) meeting. James Steel of HSBC said, “Should the FOMC not come any closer to giving greater clarification on the asset-buying program, then the Gold market could rally and investors who have been shorting Gold in anticipation of a Fed move away from QE [quantitative easing] may have to cover. This could prompt a challenge of the $1,400 an ounce level.” Peter Fertig of Quantitative Commodity Research added, “Gold is trading weaker on the fear that the FOMC may reduce the volume (of quantitative easing), but if anything they will be scaling out gradually, there will not be an abrupt end to QE.”

Contrary to what many analysts believe is happening in the Precious Metals market, Hugh Johnson of Hugh Johnson Advisors believes that stocks are rallying “in anticipation that [U.S. Federal Reserve Chairman Ben] Bernanke is not going to taper soon. If he does what we think, the market is going to give up some ground, because what he is going to say is going to be fully priced into the market. When you anticipate good news, you buy stocks; when you finally get the good news, you sell.”

At 5:15 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,369.60, Down $15.50.
  • Silver, $21.72, Down $0.16.
  • Platinum, $1,443.40, Up $6.60.
  • Palladium, $711.10, Down $6.80.

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.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/25/2014 1:42:30 AM EST

Metal Bid Ask Change
Gold $1,293.40 $1,295.40 $2.80
Silver $19.54 $19.64 ($0.11)
Platinum $1,403.40 $1,413.40 $3.80
Palladium $798.10 $803.10 ($0.20)
4/25/2014 1:42:30 AM EST

Click here for Historical Charts*All Charts are in USD


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