Closing Gold & Silver Market Report – 9/26/2013
U.S. DEBT CONCERNS STILL WEIGHING ON METALS
Precious Metals continued to trade flat through the afternoon, giving back a portion of recent gains. Economic data showing a decline in both pending home sales and jobless claims, along with continued U.S. budget talks, are providing pressure to metal prices. CitrinGroup founder and executive chairman Jonathan Citrin said, “The metal continues to suffer as global conditions progress, albeit slowly, toward more recovery than not. … There is plenty of unrest that could occur, particularly with U.S. budget talks again reaching the eleventh hour. But the depressed price of Gold itself is currently enough to scare off traders unless something major develops in the world.”
Today, House Republican leaders proposed a deal to increase the U.S. debt ceiling that was met with resistance. U.S. Representative from Alabama’s 5th Congressional District, Mo Brooks, said, “This debt-ceiling package does not fix the underlying cause of the problem, which are the deficits. We need to significantly cut government spending.” With a government shutdown looming in the next few days, investors will keep a close eye on whether or not a deal is reached to avoid shutdown and, if not, what effect it will have on the economy.
At 4:21 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,325.90, Down $12.30.
- Silver, $21.75, Down $0.17.
- Platinum, $1,410.00, Down $19.80.
- Palladium, $720.50, Down $4.30.