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Morning Gold & Silver Market Report – 6/13/2013


The Gold market, along with most other financial markets, is waiting on news from the U.S. Federal Reserve next week regarding their stimulus program. “The sentiment is still very divided over whether the Fed will taper or not,” Joyce Liu, an investment analyst at Phillip Futures in Singapore, said. “Due to the lack of major market-moving events, people are just trading on technicals until some senior Fed officials say something before the FOMC meeting next week,” she said, referring to the Federal Open Market Committee. There is one major item of interest in the Gold market today. China has been on a three-day holiday that ended today, and since they are the second largest buyers of Gold in the world, the global demand should pick up.

There is growing concern among investors around the world regarding uncertainty of the economic outlook. “The storm clouds are building: the [Dow Jones Industrial Average] has just suffered its first three-day losing streak for the year, the Chicago VIX [volatility] index has climbed further; Europe is sliding off its highs; China is slowing down faster than expected, and the BOJ [Bank of Japan] is holding the line on additional stimulus action,” wrote Evan Lucas, market strategist at trading firm IG Markets. The global stimulus programs have been unprecedented and the idea of closing those programs has brought more questions than answers to the discussion. “We've been living in an environment where economically speaking, bad news was good news because bad news meant more monetary stimulus. The rally that we have had over the past one-and-a-half years has been mainly driven by central banks and now the punch bowl is about to be taken away,” Hans Goetti, chief investment officer Asia at wealth management firm Finaport, said.

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1380.60, Down $13.40.
  • Silver, $21.84, Down $0.08.
  • Platinum, $1460.40, Down $23.40.
  • Palladium, $743.00, Down $14.10.

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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