Daily Gold & Silver Market Report – 7/6/2015

Jennifer Carter

7/6/2015 9:46:00 AM

GOLD STALLED ON STRONG DOLLAR FOLLOWING GREEK VOTE

Gold’s slight boost was derailed due to a robust dollar following the rejection of a bailout by Greek voters.  The yellow metal, usually seen as a haven in trying financial times, could not rally because the dollar gained on the euro. “There isn't the fear of a pan-European crisis, as was the case a few years ago, when you saw a rush to Gold, which was already in a bull market,” Macquarie analyst Matthew Turner said, referencing Gold reaching an all-time high of $1,920 per ounce in 2011 on eurozone debt fears.

The Greek vote means the country is in uncharted waters, as without a bailout, the country is risking a bank collapse. “Unless (banks') lending (to Greece) is topped up, the banks risk running out of money, which would mean a new level of escalation in the debt drama and should lend support to the Gold price,” Commerzbank said in a note. Investors are still focused on the potential Federal Reserve interest rate increase, which could boost metal prices.

At 9:39 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,168.30 Up $1.30
• Silver, $15.67 Down $0.02
• Platinum, $1,051.50 Down $33.50
• Palladium, $670.10 Down $26.00

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