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Mid-Day Gold & Silver Market Report – 10/2/2013

CURRENT POLITICAL, ECONOMIC CLIMATE BOOST GOLD

The beginning of the second full day of a U.S. government shutdown has taken its toll on markets as a weaker dollar pushed Gold up and forced equities down. With government officials still at an impasse regarding passing a budget bill, the debt ceiling looming on the horizon and jobs numbers falling below initial projections, there was little to prevent Gold from rebounding off of an eight week low realized after Tuesday’s large sell-off. “The shutdown will lead to some delays in government spending, which will lead to a postponement in tapering as the Fed wants to see more signs of growth,” Scott Carter, chief executive officer of Lear Capital, said. “Also, today’s ADP numbers showed that the employment scenario still remains weak.” With a plethora of factors lined up in support of Precious Metals prices, time will tell if political and economic indicators will be foreboding enough to swing investor sentiment away from riskier investments and help Gold break out of its current bearish trend.

The U.S. government closure coupled with weak private jobs numbers to drive stocks down on Wednesday. “People thought there would be a deal struck in fairly short order and that is obviously not occurring,” Matthew Kaufler, a portfolio manager at Federated Investors Inc., said. “You not only have the current impasse, but you have the debt ceiling issue that is looming as well. In the short term, we are in for a choppy market.” With no meetings scheduled between the White House and Congress, it appears that budget talks could couple with gridlock over the debt ceiling, leaving markets exposed to potential volatility.

At 1:12 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,317.80, Up $29.70.
  • Silver, $21.80, Up $0.60.
  • Platinum, $1,391.40, Up $7.50.
  • Palladium, $721.20, Up $2.30.

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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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