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Mid-Day Gold & Silver Market Report – 6/11/2013


The Gold price continues to fall into the day as the effects of the Bank of Japan’s announcement that they will not extend their stimulus is felt. The BoJ’s decision may be the beginning of the end of the era of loose monetary policy. Gold has already suffered by talk coming out of the U.S. Federal Reserve as they consider when to end their monetary easing program. Marex Spectron's head of Precious Metals David Govett said, “The view is now that the Fed will taper quantitative easing. If that happens, it's negative for Gold. A lot of the rally Gold has had in the last three years has been down to QE.”

U.S. stocks are lower in afternoon trading as investors watch international data in the wake of BoJ’s announcement. Art Hogan, Market strategist at Lazard Capital Markets, said, “Today is going to be a truly global marketplace, because the Bank of Japan didn’t have more to say about the volatility in their bond markets.” Investment specialist Richard Slinn at J.P. Morgan Private Bank in San Francisco added, “It does feel like in the last couple of weeks, news has been affecting all markets, not just regional.”

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,378.30, Down $9.70.
  • Silver, $21.77, Down $0.27.
  • Platinum, $1,483.60, Down $24.80.
  • Palladium, $752.90, Up $16.50.

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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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