Morning Gold & Silver Market Report – 10/3/2013
PROFIT-TAKING BRINGS GOLD PRICE DOWN
Precious Metals prices and U.S. stock futures are down this morning. Ishaq Siddiqi of ETX Capital wrote, “Traders are hoping to hear of some political compromise before the week comes to an end but as of now, are not discounting the possibility of the [U.S. government] shutdown running into next week. On top of that, the looming debt ceiling debate also has the market on edge.” Precious Metals are down amid profit-taking, with investors taking advantage of yesterday’s price gain. VTB Capital analyst Andrey Kryuchenkov said, “There is some profit-taking and volumes are low as investors are not certain of the U.S. political deadlock.”
Representative Steve Womack of Arkansas is one Republican looking ahead to the debt ceiling debate. Womack would like to “get our attention immediately focused on this debt ceiling and beyond that, our capacity to address those issues that are continuing to take America down a road that is not sustainable and that is potentially catastrophic to our nation.” The Republican-controlled House of Representatives and the Democrat-controlled Senate are at an impasse over the government’s budget for fiscal year 2014.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,309.30, Down $13.40.
- Silver, $21.60, Down $0.33.
- Platinum, $1,374.70, Down $17.20.
- Palladium, $705.60, Down $15.60.
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