Daily Market Update 6/13/11

By Barry Stuppler – MintStateGold.com

GOLD
As of 11am PDT, the spot price of Gold is $1,518.40, down $15.60 from yesterday’s quote.

Gold fell today due to a stronger U.S. dollar value (versus the Euro) and a 2.5% drop in the price of Crude Oil. The dollar rallied today after Standard & Poor’s announced they had downgraded Greece’s debt rating to triple C. Triple C is just two notches above default and Greece now has the World’s lowest debt rating for a developed sovereign government.

SILVER
Silver led the correction in the precious metal sector today. As of 11am PDT today, Silver was down $1.46, trading at $34.99 per ounce.  This 4% drop in the Silver price was caused by deflation concerns and no indication of QE3, which has many analysts concerned. I continue to believe we will have an announcement on the next round of quantitative easing after the national debt ceiling is raised.

Short blog today as I spent the morning finishing up the Weekly Precious Metal and Rare Coin Report, which I highly recommend reading at www.mintstategold.com/investor-education/cat/markets/

Posted in: Bullion & Metals

About the Author:

Barry Stuppler & Co. offers a great selection of gold and silver, rare and investment quality coins to our valued clients. As the current elected president of the 30,000 member American Numismatic Association (ANA) and the president of the California Coin and Bullion Merchants Association (CCBMA), Barry Stuppler brings expertise and integrity to the numismatic trade.

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