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Mid-Day Gold & Silver Market Report – 6/24/2013


Gold and Silver prices have continued to fall in morning trading.  While the U.S. dollar is trading higher, it is not the only factor weighing on the Gold price.  Eugen Weinberg of Commerzbank explained, “Alongside the firm U.S. dollar, still rising bond yields are weighing on prices, because they increase the opportunity costs of holding Gold.”

China’s recent economic problems have been well-documented, and many analysts are expecting a similar situation to America’s Lehman-style crash, though not as severe.  “The perception of China is they are in the same kind of situation as the U.S., and yes it is true that a lot of loans are going to go bad, and that banks have been hiding a lot of these loans in so called trust companies,” Franklin Templeton’s Mark Mobius said.  “We have to ask what the consequence is, what will happen as a result, and the scenario will be very, very different in China, simply because the banks are controlled by the government, so they will not be allowed to go bankrupt.”

At 1:11 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,278.90, Down $15.10.
  • Silver, $19.62, Down $0.46.
  • Platinum, $1,331.80, Down $39.70.
  • Palladium, $660.70, Down $14.10.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! 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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