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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