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Closing Gold & Silver Market Report – 6/6/2011

GOLD AND SILVER PRICES MOVE HIGHER – Friday’s job loss reports and the fear of a possible interest rate hike in China gave investors the jitters and that was good news overall for Precious Metals. Gold, Silver and Palladium all were up and only Platinum was lower. As Wall Street continued to fret over the economy, shares on most indices dropped – the fourth straight trading session to do so. None of the major indices were spared. The Dow Jones Industrial Average fell more than 66 points  and the Standard & Poor’s 500 fell more than 14 points. The S&P 500, a benchmark for ‘blue chip’ stocks, is now below the 1,300 mark.

Continued unrest in the Middle East, a growing sovereign debt crisis in the EU and economic problems at home all worried US investors. That is a major reason why Gold and Silver prices moved upward today, as investors sought to place their funds into the safe-haven that is Gold and Silver.

At 4 PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,545.90 (up $3.00)
  • Silver price - $36.88 (up 58 cents)
  • Platinum price - $1,814.80 (down $9.90)
  • Palladium price - $791.50 ( up $4.10)

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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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