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Closing Gold & Silver Market Report – 6/24/2014


The Gold price remains flat to end Tuesday’s session even as upbeat housing data showed sales peaking at their highest level in six years.  Robust U.S. housing figures are considered to be an accurate representation of the strength of the U.S. economy.  Typically, such news could weigh on Precious Metals prices, but ongoing anxiety regarding an escalating conflict in Iraq has helped buoy Gold and Silver despite upbeat economic data.  As militant insurgents encroach upon Baghdad, the U.S. backed Iraqi regime has agreed to adopt a new government by July 1 in exchange for assistance against the rebel forces. 

U.S. equities are down for the second straight session as the crisis in Iraq overshadowed upbeat economic news.  “With the stock market at or near all-time highs and yet with the GDP and earnings growth a little on the sluggish side, that has people a little nervous,” Matt Maley, equity strategist at Miller Tabak & Co., said. “There’s a lot of complacency and people are not worried about major downside because the Fed has their back, but they are nervous about a short-term pullback.”

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

  • Gold, $1,321.10, Up $0.70.
  • Silver, $20.98, Even.
  • Platinum, $1,472.90, Up $14.30.
  • Palladium, $828.80, Up $6.10.

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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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