Mid-Day Gold & Silver Market Report – 10/3/2013


Gold and Silver prices are down slightly today as expectations for an end to the U.S. government closure appear to be fairly distant. While current political and economic factors would traditionally be bullish for Gold, investors and traders remain focused on the underperformance of the yellow metal during 2013. “If the U.S. government closure moves into next week, Gold will rise,” Chintan Karnani, chief analyst at Insignia Consultants, said. “Since Gold is below the 100-day moving average of $1,353, the overall trend is bearish to range-bound between $1,270 and $1,356.” Even as Gold rebounded from early morning lows on the heels of poor manufacturing numbers, the primary motivator of investor sentiment, and ultimately the price of Gold, is the future of the Federal Reserve’s quantitative easing program.

U.S. stocks have taken a fairly dramatic dip mid-way through today’s trading session as service industry reports showed weak growth and gridlock in Washington perpetuates the government shutdown. “What we are starting to realize today especially is that this might go on for a while,” Mike Sorrentino, chief strategist at Global Financial Private Capital LLC, said. “The debt ceiling is a cause for concern. If we can get through that and we can get through the dysfunction with this government, there will be a much safer road ahead.” Many will wait to see if a solution to the budget issue can be resolved before the government closure extends into a second week.

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

  • Gold, $1,320.80, Down $1.90.
  • Silver, $21.81, Down $0.12.
  • Platinum, $1,368.10, Down $23.80.
  • Palladium, $701.00, Down $20.30.

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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APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/24/2014 3:17:39 AM EST

Metal Bid Ask Change
Gold $1,285.70 $1,287.70 $1.10
Silver $19.37 $19.47 ($0.02)
Platinum $1,392.70 $1,402.70 ($1.20)
Palladium $782.10 $787.10 $0.10
4/24/2014 3:17:39 AM EST

Click here for Historical Charts*All Charts are in USD

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