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Morning Gold & Silver Market Report – 9/27/2013

ANALYST: NO EVIDENCE DEBT CEILING WILL BE RAISED IN TIME

Gold and Silver prices are hovering just over one percent higher this morning as investors continue to weigh a potential shutdown in Washington. Saxo Bank’s Ole Hansen said, “Many traders are sidelined at the moment as a general level of confusion exits. Support is obviously coming from the U.S., where lawmakers are once again playing Russian roulette with the budget and debt limit. … [F]or now the main focus [is] on the U.S. Congress.”

MarketWatch’s Howard Gold believes a government shutdown or default by the U.S. is not priced into the market, and that should concern more people. Chris Krueger of Guggenheim Partners explained to Gold, “The complacency on this issue is alarming. Clearly with Washington policy, everybody’s been focusing on the Fed and the taper.” Krueger also wrote in a note to clients, “Our growing concern is that everyone is far too complacent that just because there has been a deal in all the prior fiscal cliff fights that there has to be a deal in this debt ceiling fight. There is no evidence to suggest that the debt ceiling will be raised in time.”

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

  • Gold, $1,339.00, Up $12.80.
  • Silver, $21.87, Up $0.08.
  • Platinum, $1,418.40, Up $6.70.
  • Palladium, $725.80, Up $3.30.

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Disclaimer:
APMEX’s ‘Market Reports’ 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.

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