Daily Gold & Silver Market Report - 6/29/2015
Paul Stevens
6/29/2015 10:50:00 AM
PRECIOUS METALS REMAIN FLAT AS GREECE NEGOTIATIONS GO INTO FINAL HOURS
Precious Metals prices are trading relatively flat after seeing gains during Monday morning trading hours. As investors continue to keep a watchful eye on Greece’s debt situation, a surprise announcement by Greece’s prime minister, Alexis Tsipras, to close Greek banks for the week has stroked fears of a default and exit from the EU. While Gold has historically been a safe haven in times of turbulence, it has yet to make the big run investors are expecting. ING analyst Hamza Khan said, “Today we have all of this concern around “Grexit”, Greece departing the euro zone, creating bullish sentiment for Gold. At the same time though, we have weakness in the euro creating bearish sentiment for Gold, and they're effectively cancelling each other out.”
Stocks around the world are struggling Monday as Greece continues to weigh on the market. As negotiations collapsed over the weekend between Greece and its creditors, European and Asian equites have taken a hit. Alastair George, chief strategist at Edison Investment Research said, “With negotiations halted, the Greek situation has rapidly moved to the worst-case scenario, and investors who jumped to the conclusion last week that a deal was done, will be suffering significant losses.”
At 11:49 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,180.30 Up $4.10
- Silver, $15.78 Down $0.07
- Platinum, $1,082.10 Up $0.40
- Palladium, $668.90 Down $11.70
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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
