Daily Gold & Silver Market Report – 6/30/2016

Marcey Hollon

6/30/2016 4:51:00 PM

GOLD SET FOR BEST MONTH SINCE FEBRUARY AFTER BREXIT SHOCK; WALL STREET RALLIES AFTER BANK OF ENGLAND GOVERNOR HINTS AT STIMULUS

Last week’s Brexit vote left the markets in shock and had investors scrambling to Gold as a safe haven. The Precious Metal climbed to its highest level in the last two years, reaching $1,358.20 per ounce. The rattled markets are beginning to settle and Gold has steadied toward the end of the week. Gold is on track for another quarterly gain while Silver is projected for its highest quarter in the past four years. Silver has been able to rally and tighten the Gold-to-Silver ratio, which measures the Silver ounces needed to buy one ounce of Gold, to a nine-month low. "Silver is clearly profiting from two different sides at once just now: from the higher Gold price on the one hand and from firm base metal prices on the other, as Silver is used for the most part in industry," Commerzbank said in a note.

Bank of England Governor Mark Carney hinted at a possible interest rate cut after the vote was made for Britain to leave the European Union. The major U.S. indexes have risen one percent, shaking off most of the losses incurred after the vote. "Central banks are doing their best to step in and send stocks higher," Sarhan Capital Chief Executive Officer Adam Sarhan said. "I think the [U.S. Federal Reserve] is more than ready to follow suit if market conditions worsen."

 

At 5:52 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,324.50 Down $2.20
• Silver, $18.79 Up $0.39
• Platinum, $1026.40  Up $14.90
• Palladium, $605.20 Up $10.20

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help