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Temperature of U.S. Economy is Running Cold

Daily Gold & Silver Market Report – 06/16/2017

Although economists still project growth for the second quarter, Reporter Steve Matthews with BloombergMarkets.com notes, “The Bloomberg U.S. Economic Surprise Index, which measures whether incoming economic data beat or miss expectations of surveyed economists, fell below zero Thursday for the first time this year to the lowest point since just after last November's election.” Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina, said, “Economic surprise indexes give you some kind of clue whether the economy is gaining momentum or losing momentum. Folks were expecting too much too soon.” Matthews said so far in June, reports on employment, automobile purchases, durable goods orders, consumer prices and retail sales have all come in below economists' expectations. Furthermore, the Federal Reserve raised interest rates by a quarter point Wednesday. Fed Chair Janet Yellen said at a press conference following the policymakers' meeting, “Economic growth appears to have rebounded, resulting in a moderate pace of growth so far this year.” For now, however, the U.S. is showing the weakest data relative to expectations of any region in the Citigroup Economic Surprise Indices.

Uncertainty Drives Investors Toward Gold

Precious Metals are often viewed as a safe-haven asset in times of political or economic uncertainty. Recent news, or lack thereof, surrounding the U.K.’s chosen exit from the European Union (EU) and the future of the Conservative government has pushed investors toward Gold. Yahoo Finance Reporter Sabuhi Gard said, “Since the shock election outcome which failed to see the Tories secure a parliamentary majority, the firm said it has witnessed a 91 percent increase in people looking to remove exposure to equities within their pension by purchasing Gold within the same pension vehicle.” Gard also stated the last time the price of Gold was that low was October 2009 when it dropped to $1,043 per ounce.

Silver Prices Headed for Second Week of Losses

Financial market analyst for EconomicCalendar.com Sam Bourgi says the spot price of Silver is “headed for sharp weekly declines after a hawkish Federal Reserve accelerated a technical reversal for the gray metal,” projecting Silver prices could potentially fall almost 3 percent this week. Bourgi added, “Gold’s premium over Silver rose to 75.02 ounces on Thursday after falling sharply earlier in the week. The ratio was as high as 75.62 earlier in the week.” Silver prices were facing a technical correction when the Fed announced plans for continued interest rate increases throughout the year. After initial hesitation, the U.S. dollar rose against a basket of world currencies (last seen trading at 97.32, down 0.1 percent from Thursday’s close), which placed further pressure on Precious Metal prices.

At 2:22 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,256.70 Up $1.20
  • Silver, $16.80 Down $0.04
  • Platinum, $929.70 Up $5.40
  • Palladium, $876.20 Up $8.30

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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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