Morning Gold & Silver Market Report – 9/24/2013

GOLD LOWER; THREE ISSUES BIGGER THAN QE

Lingering doubts over the longevity of the U.S. Federal Reserve’s quantitative easing (QE) program are putting pressure on Gold and Silver prices this morning. Investors are still pondering comments from St. Louis Fed President James Bullard, who said that QE tapering could happen as soon as next month. Analysts at Commerzbank believe part of the reason for Gold’s three-day decline is that investors are simply more sensitive than the foreign-exchange and bond markets. They explained, “This is evident from the fact that speculative net long positions fell by a further 10,000 contracts in the week before the last Fed meeting and Gold ETFs saw renewed outflows of 2 tons last Friday.”

David Weidner of MarketWatch gave three looming issues that are bigger for markets than QE tapering. First is the potential government shutdown and debt-ceiling crisis. Weidner wrote, “Of all these, the most important is the debt ceiling. And default isn’t the problem, it’s the more likely scenario of a ratings cut. That would throw global markets into turmoil. Funds required to have a certain amount of top-rated securities may have to dump U.S. debt. Panic could ensue.” Weidner also listed housing and the fact that companies are still hoarding cash as the other issues facing markets today.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,309.40, Down $19.60.
  • Silver, $21.41, Down $0.48.
  • Platinum, $1,423.60, Down $3.30.
  • Palladium, $711.30, Down $5.70.

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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 12:11:42 AM EST

Metal Bid Ask Change
Gold $1,301.30 $1,303.30 ($2.20)
Silver $19.51 $19.61 ($0.08)
Platinum $1,427.00 $1,437.00 ($0.80)
Palladium $796.80 $801.80 ($1.50)
4/17/2014 12:11:42 AM EST

Click here for Historical Charts*All Charts are in USD


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