Morning Gold & Silver Market Report – 6/27/2013
STOCKS GAINING AS GOLD STRUGGLES
U.S. stocks are gaining ground in pre-open trading, picking up where they left off yesterday. Where the markets go from here is dependent on key data indicators such as today’s positive weekly jobless claims and what a trio of Federal Reserve speakers has to say. Wouter Sturkenboom, investment strategist at Russell Investment, said, “I think people are starting to realize taper talk is not as significant as at first financial markets indicated it was, and China is not approaching a financial Armageddon as some of the interbank rates showed us.”
India, the world’s largest consumer of Gold, made another move to discourage Gold buying on Tuesday. India’s central bank informed rural regional banks they could no longer provide loans to consumers for purchases of Gold jewelry and coins weighing more than 50 grams. Domestically, the Gold price is set to open trading on Thursday mostly flat after paring gains made in Asian trading. On a larger scale, Gold futures are on track to post the largest quarterly loss since 1974. The Silver price is in a similar situation having fallen 34 percent in the past three months.
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1232.60, Up $0.80.
- Silver, $18.82, Up $0.12.
- Platinum, $1320.00, Up $14.30.
- Palladium, $645.00, Up $11.80.
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