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FLASH: Gold Falls Below $1,700; Silver Below $35

In most cases, when Federal Reserve Chairman Ben Bernanke speaks, precious metals prices go up. But not today. Bernanke’s comments have created a sharp selloff in Gold and Silver. In testimony before a congressional committee, Bernanke said he would not take the possibility of QE3 off the table, but his comments have been interpreted to mean that another round of quantitative easing is unlikely. “Bernanke said that another round of bond buying is not off the table,” said Shelley Goldberg of Roubini Global Economics. “But, the overall perception in the market is that there will be less of a need for QE3, and that has rallied the dollar and is bearish for commodities.”

At 3:20 p.m.(CST), the APMEX precious metals spot prices were:

  • Gold - $1,695.90 – Down $91.50.
  • Silver - $34.66 – Down $2.53.
  • Platinum - $1,682.80 –Down $41.70.
  • Palladium - $704.90 – Down $16.40.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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