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Market Reports

Closing Gold & Silver Market Report – 6/24/2011


Precious metals continue to trade lower today as a result of continued selloffs due to the markets being lower and on continued news of geopolitical turmoil. Treasury yields fall to a 2011 low on worries of the European debt crisis and crude oil falls to a four-month low in London after news released from the International Energy Agency (IEA). As has been the norm the last few weeks, news has been circulating constantly of Greece possibly defaulting or taking a bailout and the U.S. debt ceiling approaching.

With the continued fear surrounding the European debt crisis as well as the Greek crisis, investors are pulling out of the euro, which in turn pushes the dollar up. The dollar also rose on a positive report that shows orders of durable goods rising more than predicted in May. Although our immediate thought is, “If the dollar is going up, then that is a good thing. Our dollars are worth more,” the problem with that situation is that if the dollar goes up too much, then our product becomes less appealing for buyers of other countries as they can get it cheaper somewhere else. This would devastate the U.S. economy not only on a federal level, but on a state government level as well as a private business level.

At 4:00 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,503.40 (down $17.60 on the day)
  • Silver - $34.41 (down $0.68)
  • Platinum - $1,689.60 (down $5.90)
  • Palladium - $736.50 (down $8.80)

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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