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Market Reports

Closing Gold & Silver Market Report – 6/13/2011

INVESTORS CASH OUT THEIR INSURANCE POLICIES – After Friday’s huge drop in stock markets, investors sold off holdings in gold and other precious metals today to cover losses from six straight weeks of stock market losses.  When investors buy on credit (called “leverage” or “margin”), they run the risk of a margin call if their losses get too big; that is, their bank can call them and demand money for the losses.  This can cause selloffs in safe haven assets like gold, even in times where traditional logic would predict upward pressure due to safe haven buying.  We saw a similar event a few months ago following the earthquake in Japan.  Essentially, investors are using gold like an insurance policy, and it’s doing exactly what it’s supposed to do: Protect your assets when you have a loss.

All eyes are now on China.  The industrial powerhouse and home to one of the world’s fastest growing economies seems to be losing steam.  We are due for a new economic report from China tomorrow, where futures on the benchmark stock index are down ahead of the release.  China’s leaders may now face a critical decision: To raise interest rates in order to curb inflation or keep them low to stimulate the economy.  This is classic stagflation, and the US may soon have to make the same rock-and-a-hard-place decision.

At 4:08PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,516.90 (down $12.80)
  • Silver price - $34.85 (down $1.57)
  • Platinum price - $1,802.00 (down $32.00)
  • Palladium price -$797.00 (down $22.30)

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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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