Closing Gold & Silver Market Report – 9/19/2013
GOLD CONTINUES CLIMB AS FIGHT HEATS UP IN WASHINGTON
Gold prices continued to climb through afternoon trading. Yesterday’s announcement that the Federal Reserve will not begin to taper its quantitative easing program has caused Precious Metals prices to surge upward. Richard Gotterer, managing director and senior financial advisor at Wescott Financial Advisory Group, said, “Wow — just as it seems that the Fed had the markets comfortable with tapering, they pull the rug out from everyone. Now the question is will the Fed prepare the markets for tapering come October, December or wait for the new FOMC chair to control the process?”
The national budget has taken center stage again with the nation quickly approaching the debt limit. Thursday, Republicans in the House of Representatives moved ahead on a spending bill that will take funding from President Barack Obama’s healthcare law while temporarily funding other programs. In response, the White House released a statement warning the bill would be vetoed. This battle in Washington could have a huge effect on the economy with the threat of a government shutdown looming on Oct. 1.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,366.90, Up $57.30.
- Silver, $23.12, Up $1.54.
- Platinum, $1,461.60, Up $35.40.
- Palladium, $734.40, Up $32.30.
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