Morning Gold & Silver Market Report – 9/30/2013
GOVERNMENT DEADLOCK ON SPENDING BILL WEIGHS ON FUTURES MARKET
The growing possibility of a U.S. government shutdown has depressed stock futures during morning trading as government concerns look to be today’s main market motivators. Failure to pass a budget bill by Monday night will cause a partial government shutdown resulting in thousands of worker furloughs. “As we’ve seen in the past, the months leading up to the deadline are simply seen as an opportunity for both sides to gain political points, while making a villain out of the opposition. It’s only in the final 24 hours that any actual progress tends to be made,” Craig Erlam, market analyst at Alpari U.K., said. “We can only hope that this is what we’re seeing again.” As America awaits legislation in Washington, a government shutdown could cause Friday’s monthly jobs report to be delayed. The jobs report has been the most highly scrutinized piece of economic data in the lead up to the Federal Reserve’s decision on monetary easing measures.
The Gold price is down during morning trading as the inevitability of stimulus tapering weighs heavily on the minds of Precious Metals investors. Though Gold is up more than 8 percent from lows experienced in late June and July, the metal is still looking for a catalyst to break out of bearish territory. The current impasse in Washington regarding a spending bill could be a bullish factor as uncertainty surrounding government stability has always been an important motivator of Precious Metals prices.
At 10:15 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,329.00, Down $12.30.
- Silver, $21.59, Down $0.27.
- Platinum, $1,411.40, Down $6.30.
- Palladium, $727.70, Down $4.10.
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