Closing Gold & Silver Market Report – 06/22/2011

TO QE3 OR NOT TO QE3, THAT IS THE QUESTION

Precious metals are still up this evening as Federal Reserve Chairman Ben Bernanke spoke about the economy. When Bernanke speaks the markets tend to move. This time the stocks were down and precious metals were up. Ironically, the dollar was up against the euro and yen, but this was because he put an end to rumors of the central bank expanding a stimulus package, restoring a little faith in the dollar. Unfortunately the Federal Reserve lowered their forecasts for employment and growth for this year and next despite their claim to the contrary in prior statements of predicted growth.

The Federal Reserve announced that they were going to leave the interest rates low for an “extended period of time,” which pushed gold up. They went on to say that things are not getting worse, but it is what they are not saying that speaks volumes. When the Fed uses the word “stable” in a time like this, it is both a blessing and a curse. It means we are not getting worse but we are not getting better either.

At 4PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,551.90 (up $5.00)
  • Silver price - $36.51 (up 4 cents)
  • Platinum price - $1,746.50 (down $1.70)
  • Palladium price - $767.00 (up $2.30)

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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
4/24/2014 2:11:40 AM EST

Metal Bid Ask Change
Gold $1,285.00 $1,287.00 $0.40
Silver $19.37 $19.47 ($0.02)
Platinum $1,393.90 $1,403.90 $0.00
Palladium $781.40 $786.40 ($0.60)
4/24/2014 2:11:40 AM EST

Click here for Historical Charts*All Charts are in USD


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