Daily Gold & Silver Market Report - 6/22/2015

Paul Stevens

6/22/2015 12:45:00 PM

METALS LOSE GROUND ON GREEK SPECULATION

Precious Metal prices declined through Monday morning trading hours as investors return from the weekend. Although prices increased last week following a dovish stance by the Federal Reserve, new proposals from Greece to its creditors and the absence of Chinese markets, closed for public holiday, have pressured metals.  ETF Securities analyst Martin Arnold said, “There's always that underlying feeling that a deal will be done ... but if there was a default, that would be when Gold would likely rise to its traditional role as a hedge against a worst-case scenario.”

Stocks are higher after a boost from speculation hinting toward a Greece deal being completed this week. The news, along with a surge in the healthcare and housing sectors, helped stocks gain in early afternoon trading. Scott Brown, chief economist at Raymond James in St. Petersburg, Florida said, “Now you're seeing the leaders of (eurozone) countries meeting to reach a deal and the hope that a deal is on the horizon is reflected in the rally today.

At 1:47 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,186.80 Down $18.00
• Silver, $16.27 Up $0.06
• Platinum, $1,062.00 Down $25.80
• Palladium, $698.00 Down $11.40

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