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Closing Gold & Silver Market Report – 7/11/2013


The Gold price nearly reached a three week high Thursday following indications from Federal Reserve chairman Ben Bernanke that loose monetary policy will remain in place for the foreseeable future. Today’s price increase has given Gold its fourth straight session of gains as the metal begins to eye the $1,300 mark. Though Gold and Silver have been experiencing substantial downward pressure since the mid-April correction that saw Gold fall more than $200 an ounce, ongoing commitment to the Fed’s quantitative easing (QE) program may shift sentiment toward Precious Metals, which have historically benefited greatly from QE. Metals analyst Edward Meir at INTL FCStone said, “Investors prefer to focus on the probability that the Fed will remain easier for far longer.”

The stock market rally continues today with the S&P 500 closing at an all-time high. The stimulus measures that have been so bullish for Gold in the past have also been an integral factor in boosting equities. “The story in stocks for this year is about confidence replacing uncertainty and anxiety,” Hank Smith, chief investment officer at Haverford Trust Co, said. As accommodative monetary policy continues, all eyes and ears remain intently focused upon every utterance from Bernanke. Precious Metals and stock markets alike have come to rely heavily on the liquidity offered by the Fed’s monthly asset purchases. Investors will await future Fed meetings to gain insight into the future of the program.

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

  • Gold, $1,286.70, Up $36.80.
  • Silver, $20.21, Up $0.95.
  • Platinum, $1,408.80, Up $40.70.
  • Palladium, $720.10, Up $6.40.

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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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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