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Closing Gold & Silver Market Report – 10/2/2013

GOVERNMENT SHUTDOWN AFFECTING U.S. DOLLAR; APMEX CEO SHARE’S BULLISH BELIEFS

Precious Metal prices received a boost today with Gold in particular rising more than 2 percent as the U.S. dollar continued to drop with economic uncertainty. "Clearly the dollar is not really playing that much of a safe-haven role through this latest episode," Vassili Serebriakov, currency strategist at BNP Paribas, said. The dollar has been suffering since Sept. 6 when the weaker than expected August jobs report was released. The Federal Reserve more than likely made their decision to announce at their policy meeting not to taper fiscal policy based on the disappointing job data. "The longer uncertainty drags out, the more of an economic impact it has and the more I think market participants will see implications for Fed policy, pushing back tapering. It should continue hurting the dollar and I think it's going to continue to grind lower,” Serebriakov said.

The government shutdown has concerned investors especially with the current devaluing of the U.S. dollar. The market is instead focused on Gold as its asset of choice as it carries safe haven appeal. Many investors saw Tuesday’s price as a “huge opportunity, especially in view of the U.S. budget crisis and the impending U.S. debt limit crisis,” Michael Haynes, chief executive officer at online Precious Metals dealer APMEX Inc., said. At this time, the market is not expecting the Federal Reserve to announce quantitative easing cut backs in Oct. as previously forecasted with the current government situation.

 

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,318.40, Up $30.30.
  • Silver, $21.76, Up $0.56.
  • Platinum, $1,389.30, Up $5.50.
  • Palladium, $719.00, Up $0.20.

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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