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Mid-Day Gold & Silver Market Report – 10/1/2013

PRECIOUS METALS FEELING INVESTORS LACK OF FAITH

Precious Metal prices have taken a downward trend through mid-day trading. Its lack of safe-haven appeal has pushed many traders into a sell off. Many investors are taking note of the U.S. government shutdown; however, it is not currently having a major effect on prices. Jeffrey Wright, managing director at H.C. Wainwright LLC, said, “Part of the reason for the deflationary sentiment is the federal government is not expanding the deficit during the partial shutdown.” This could be viewed as temporary as he went on to say, “The bigger battle comes in two weeks with the debt ceiling. No deal on the debt ceiling will lead to safe-haven demand from all quarters and should cause a run on the U.S. dollar.”

Stock markets worldwide have seen a boost today. Many feel the U.S. government shutdown isn’t having much of an effect with the debt limit increase conversations yet to take place. Head of global equities at Fidelity Worldwide Investment, Richard Lewis, said, “This is going to be much more important because a failure to extend the debt ceiling would stop coupon payments on bonds, creating a technical default that would cause a riot in bond markets.” This could boost Gold’s safe haven appeal as investors look for a place to store their wealth.

At 2:12 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,290.50, Down $38.50.
  • Silver, $21.18, Down $0.56.
  • Platinum, $1,386.30, Down $24.60.
  • Palladium, $719.30, Down $7.90.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (ET)! Or call us Fridays until 6 p.m. (ET)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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