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Closing Gold & Silver Market Report – 6/11/2013


As the day winds down, so does the cost of Gold. There are many factors weighing on the Gold market including one major reason from India. As the world’s largest buyer of Gold, India’s new measures to curb Gold imports has dragged on the market. Before the new import rules took effect on May 20, India was averaging $135 million (USD) a day in imports. After May 20, those numbers fell to $36 million (USD) a day. The main reasoning for the actions is to help close the country’s massive Current Account Deficit (CAD). The government added they will take more action if needed. “Going forward the government will undertake measures to ensure that CAD is safely financed,” Raghuram Rajan, Chief Economic Advisor in the Finance Ministry, said.

There was a major sell-off in stocks and commodities today based on the fears that major central banks may be slowing down their stimulus programs. “Central banks have pushed many assets beyond the fundamentals and created a great deal of volatility,” Michael O'Rourke, chief market strategist at Jones Trading, said. “Nobody really has an idea where the unwinding stops.” This speculation has led to choppy markets in the past, and today has been no different.

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

  • Gold, $1379.60, Down $8.40.
  • Silver, $21.71, Down $0.34.
  • Platinum, $1481.50, Down $26.90.
  • Palladium, $753.10, Down $16.30.

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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