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Market Reports

Morning Gold & Silver Market Report – 6/20/2013


The Gold price fell sharply in overnight trading, spurred on by the U.S. Federal Reserve indicating they would begin tapering their monetary stimulus later this year. Losses for the Precious Metal continued during European trading, even dropping below $1,300 an ounce. Sharps Pixley director Austin Kiddle said, “Calling a bottom would be like trying to catch a knife.” He continued to say that Gold should consolidate next week and that July could possibly see a turnaround.

The Gold price wasn’t the only thing to suffer. Equity, bond and commodity markets sold off in Europe and Asia in overnight trading, taking up where the U.S. stock market left off. Japan’s Nikkei stock index fell 1.7 percent and all European markets traded at least 1 percent lower. Germany and France were hit the hardest; they are also the strongest European economies. Bank of Singapore chief economist Richard Jerram said on CNBC, “Markets are not trying to rationally judge what the real impact of a tapering of QE [quantitative easing] is likely to be.” The global fear of what will happen when the Fed begins to unwind the QE program played into yesterday’s reaction.

At 9:27 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1295.30, Down $80.80.
  • Silver, $19.89, Down $1.86.
  • Platinum, $1386.20, Down $39.70.
  • Palladium, $663.90, Down $32.50.

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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