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Closing Gold & Silver Market Report – 6/5/2013


Precious Metals received a boost today after the U.S. jobs report reflected worse than expected data for the month of May. Analysts are highly anticipating Friday’s release of the monthly non-farm payrolls report to get a better sense of which direction the U.S. economy may be heading. There is concern within the market that the U.S. Federal Reserve may cut back its quantitative easing measures, however with a pessimistic view of the economy that concern may be out the window. “As the unemployment rate has been explicitly tied into quantitative easing, there has been a direct correlation between the non-farm payrolls and what happens to the Gold price,” Mitsubishi analyst Jonathan Butler said. 

Yesterday, India's Reserve Bank released some alarming news regarding their restrictions on Gold purchases by the country’s citizens. When the large sell-off in Gold occurred most recently, the worldwide demand for physical forms of the yellow metal increased to levels not seen in quite a while, with India first in line to acquire the asset. India has a cultural relationship with Gold, which plays an important role in weddings and other events such as festivals. “Various comments from officials hint at the potential for more measures to come, as the government is taking a hard line trying to curb the country's appetite for Gold,” UBS said in a note. “This poses a risk for Indian Gold demand up ahead should more and more restrictions be implemented.”

At 5:01 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1404.50, Up $5.30.
  • Silver, $22.61, Up $0.10.
  • Platinum, $1514.10, Up $21.50.
  • Palladium, $759.80, Up $8.70.

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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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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