The monthly Global Precious Metals MMI® registered a value of 101 in June, a decrease of 7.3 percent from 109 in May.
Not surprisingly, the Global Precious Metals MMI® has held up the best of all the MMIs throughout 2012, despite the most recent drop from May 1 to June 1. This is the only MMI report in the series that maintains a reading above 100. The Global Precious Metals MMI® baseline began on Jan. 1, 2012, with a reading of 100. This report serves as the first public release of this data.
Source: MetalMiner IndX℠
For more commentary and price point drivers of the index, click below.
“The drop back in global precious metals prices is consistent with the price drops we have seen across the other MetalMiner MMI® series,” said Lisa Reisman, managing director of MetalMiner. “The difference, however, is that the Global Precious Metals MMI® had outperformed the other MMIs throughout this year and that’s why it has still held above its January 100 baseline.”
“We would expect the Global Precious Metals MMI® to have dropped this past month along with the other MMIs, but perhaps for different reasons,” Reisman continued. “Precious metals as commodities are subject to greater investment influence with regard to the risk-on/risk-off cycle relating to Greek debt, Euro uncertainties and a cooling China, whereas the other MMIs tend to reflect actual and anticipated industrial demand,” Reisman concluded.
Drivers of This Month’s Precious Metals Index
The price of Japanese platinum bar fell 12.7 percent to JPY 3,528 ($44) per gram. Japanese silver prices dropped by 12.4 percent this month to JPY 695.00 ($8.83) per 10 grams. An 11.9 percent drop over the past month left Japanese palladium bar at JPY 1,537 ($19) per gram. At CNY 146.00 ($22.93) per gram, Chinese palladium bar was down 8.8 percent for the month. Following a 8.7 percent decline in price, Chinese silver finished the month at CNY 5,840 ($917) per kilogram.
The price of Japanese gold bullion closed the month at JPY 3,932 ($49) per gram after dropping 8.2 percent. Chinese platinum bar prices fell eight percent to CNY 306.50 ($48.13) per gram. A 6.5 percent decline for US palladium bar left the price at $608.00 per ounce. At $1,433 per ounce, US platinum bar was down 5.8 percent for the month.
US gold bullion prices dropped by 5.6 percent this month to $1,543 per ounce. The price of US silver closed the month at $28.55 per ounce after dropping 5.1 percent. A four percent decline for Chinese gold bullion left the price at CNY 319.90 ($50.23) per gram. After falling 3.9 percent, Indian silver finished the month at INR 52,800 ($941) per kilogram.
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends over a 30-day period. MetalMiner will publish the monthly MMI® reports during the first week of the month, every month.
Paid subscribers have access to all the data on the first of the month and can also obtain the actual price points for constituent elements that comprise the Global Precious Metals MMI®.
For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.