Morning Gold & Silver Market Report – 10/1/2013

U.S. GOV’T SHUTS DOWN, GDP COULD TAKE HIT

Precious Metals prices fell in overnight trading, shrugging off brief gains immediately after the U.S. government shut down for the first time in 17 years.  Investors appear to be betting that the matter will be resolved shortly.  One major concern, however, is that Congress could potentially have an even harder time with the debt-ceiling deadline in just a couple weeks.  Commerzbank analysts explained the worst-case scenario, writing, “In the worst case, the country could actually face insolvency, and while there is very little chance of it coming to that, such a development would seriously push up Gold prices.”

Macroeconomic Advisors released a report that explained the potential effect of a government shutdown on gross domestic product (GDP).  The report showed that a two-week shutdown could impact GDP by 0.3 percent, a three-week shutdown would have a 0.5 percent impact, and a month-long shutdown could reduce GDP by 0.7 percent.  An estimated 800,000 federal government workers are now off the job as Congressional Republicans and Democrats battle over President Barack Obama’s Affordable Care Act.

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

  • Gold, $1,297.30, Down $31.70.
  • Silver, $20.93, Down $0.81.
  • Platinum, $1,376.60, Down $34.30.
  • Palladium, $719.40, Down $7.80.

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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
4/20/2014 10:08:30 PM EST

Metal Bid Ask Change
Gold $1,283.80 $1,285.80 ($10.10)
Silver $19.23 $19.33 ($0.32)
Platinum $1,401.30 $1,411.30 ($17.40)
Palladium $788.80 $793.80 ($14.30)
4/20/2014 10:08:30 PM EST

Click here for Historical Charts*All Charts are in USD


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