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Closing Gold & Silver Market Report – 07/02/2013


Solid numbers from automobile sales and factory orders weren’t enough to keep stocks in the black today as investors began to look ahead to the jobs report, due Friday. The decline started after New York Federal Reserve President William Dudley confirmed the U.S. Federal Reserve’s stance on rate hikes and their intentions for scaling back the quantitative easing program. His speech didn’t seem to help the market, though. One upside is that trading volume in general should be light this week due to the U.S. stock market closing at 1 p.m. (ET) on July 3 and being closed all day Thursday for the Fourth of July holiday.

The Gold price is still struggling against a strong U.S. dollar. Early Tuesday, Gold had gained much of the ground lost last week but those gains were short lived as money managers used the opportunity to sell out of long positions. Phillip Streible, senior commodities broker at R.J. O'Brien in Chicago, said, "The dollar index is strengthening quite a bit, equities are strengthening and you're seeing interest rates go up. That seems to be the perfect storm against the metal at the moment.” Investors seem hesitant to move much before both the holiday and Friday’s jobs numbers. A strong reading could be positive for the dollar but could push the Gold price lower.

At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,244.80, Down $12.90.
  • Silver, $19.43, Down $0.24.
  • Platinum, $1,368.90, Down $13.60.
  • Palladium, $686.00, Down $0.80.

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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