Daily Gold & Silver Market Report – 6/1/2016
Brandi Brundidge
6/1/2016 12:26:00 PM
GOLD DOWN ON FED’S PROJECTED NEXT MOVE; CONSUMER CONFIDENCE SLIDES AGAIN
Gold moved down Wednesday after further speculation the Federal Reserve will increase interest rates at June’s scheduled policy meeting. The market is fully aware the Fed will hike rates twice this year, but the news still moves Precious Metals prices. “The U.S. dollar has had a great run recently, which has put some short-term, inverse pressure on Gold,” Libertas Wealth Management Group President Adam Koos said. … For now, if [investors are] not in the trade, I’d be looking to get in at these prices. The market is telling me that Gold broke its long-term downtrend a few months ago and what we’re seeing today is simply a short-term pullback in an overall long-term positive trend.”
Consumer confidence is considered a true representation of consumers’ attitudes toward business conditions, short-term outlook, personal assets and available employment. Unfortunately, the Consumer Confidence Index fell in May to 92.6, below the forecast index of 96. This is the second-consecutive month consumer confidence fell with high concerns focused on business conditions and the dwindling amount of jobs. “Expectations declined further, as consumers remain cautious about the outlook for business and labor market conditions,” Lynn Franco, director of economic indicators at The Conference Board, a trade organization, said. “Thus, they continue to expect little change in economic activity in the months ahead.”
At 1:25 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,212.90 Down $4.50
- Silver, $15.98 Down $0.07
- Platinum, $973.00 Down $7.40
- Palladium, $548.00 Down $0.40
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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
