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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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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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