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Closing Gold & Silver Market Report – 6/21/2011

Citigroup Sees Gold Prices Rise to $1600 in 2011

Citigroup announced their gold price forecast for the balance of 2011 and are forecasting $1600 per oz. Stuart Staley; Citigroup’s global head of commodities further stated that gold prices could climb by 15 to 20 percent in the upcoming two years. This same sentiment was expressed by the ScotiaMocatta Precious Metals Research team who said that “The metal has been trading between 1504 and 1553 since moving up on May 20. We believe Gold is consolidating before making another leg up near 1600. Only a move below 1504 hurts our bullish view. Record high 1577 and then 1599 are technical measured targets.”

Although protestors number over 20,000, it is expected that the New Greek parliament will receive a vote of confidence in the next several hours. Still, this is the small hill to climb. The big hill comes on June 28 when the Greek parliament has to decide whether to accept the strong austerity measures that are being insisted upon by the European Union. Will Greece accept these measures? If not, will the European Union really let them default?

The U.S. Stock Market and precious metal prices all rose sharply today in anticipation of a winning confidence vote in Greece. The Dow Jones Industrial Average was up $109.63 points while the Nasdaq was up 57.60 points.

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

  • Gold price - $1,548.60 (up $6.10)
  • Silver price - $36.46 (up 30 cents)
  • Platinum price - $1,751.80 (up $20.30)
  • Palladium price - $771.40 (up $21.20)

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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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