Mid-Day Gold & Silver Market Report – 6/21/2013
GOLD’S SLOW RECOVERY
The Gold price recovered some ground in overnight trading after hitting near three-year lows. After the U.S. stock market opened, the Precious Metal has remained mostly flat, inching its way into positive territory. At this rate, when the day is over, Gold will have stayed on track for its biggest weekly drop in almost two years and the U.S. Federal Reserve’s announcement is mostly to blame. Quantitative easing has weakened the U.S. dollar, making it more advantageous to own Gold. Physical buying in India was slow despite Thursday’s price drop, while demand in China was higher.
The announcement from the Fed impacted more than just Gold prices, as stock indices around the world plummeted yesterday. Morgan Stanley Chairman and CEO James Gorman believes it was an overreaction and said in an interview, "This is not a time when fear should take over. This is the last in a series of hurdles that the markets have had to go through as they work their way back to a more normal environment."
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1298.00, Up $9.80.
- Silver, $20.14, Up $0.20.
- Platinum, $1371.00, Up $5.20.
- Palladium, $674.60, Up $9.50.
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