Daily Gold & Silver Market Report - 6/30/2015

Paul Stevens

6/30/2015 9:53:00 AM

GOLD DOWN AS TROUBLE BREWS IN PUERTO RICO

Gold and Silver are on the decline this morning as investors continue to take in the financial landscape and monitor Greek debt news.  Although Greece is just hours away from a possible default, many believe there will be a last minute deal struck.  ABN Amro analyst Georgette Boele said, “There is still confidence that there will be a deal at the last minute, and if that is not the case, that the ECB (European Central Bank) will step in and make sure there is no contagion.” This sentiment, along with a stronger U.S. dollar, and the expectation for the Federal Reserve to raise interest rates in September, have provided pressure to Precious Metals.

With so much focus on the possibility of Greece collapsing, many U.S. investors are overlooking trouble closer to home.  Puerto Rico is no longer able to repay its $72 billion debt which could be catastrophic for the small island country and U.S. territory. Former IMF economist Anne Krueger said, “The situation is dire, and I mean really dire.  The needed measures may face political resistance but failure to address the issues would affect even more the people of Puerto Rico.”

At 10:51 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,173.30 Down $8.70
• Silver, $15.59 Down $0.21
• Platinum, $1,081.10 Down $2.20
• Palladium, $672.60 Up $4.20

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