Mid-Day Gold & Silver Market Report – 9/17/2013
METALS PRICES FLAT WITH SPECULATION RAMPANT
Precious Metals are continuing to trade flat through mid-day trading. Gold has however held above $1,300 with investors still reluctant to take stronger positions. The Federal Reserve is holding their two-day policy meeting this week, and many traders are speculating to when the Federal Reserve will begin tapering the current quantitative easing policy. An announcement on tapering could begin to effect prices; however, Goldman Sachs analysts said Monday that they “remain neutral to Gold prices until the end of this year.”
U.S. Treasury Secretary Jack Lew warned Congress about waiting to take action on the nation’s debit ceiling. Lew said, “We cannot afford for Congress to gamble with the full faith and credit of the United States. If U.S. bond holders decided that they wanted to be repaid rather than continuing to roll over their investments, we could unexpectedly dissipate our entire cash balance.” Any default on the nation’s debt could be disastrous, and would potentially be felt from Wall Street down to families and everyday businesses.
At 1:56 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,314.60, Down $5.20.
- Silver, $21.86, Down $0.17.
- Platinum, $1,427.50, Down $14.70.
- Palladium, $705.80, Up $0.70.
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