Closing Gold & Silver Market Report – 10/3/2013
PRECIOUS METALS FLAT WHILE INVESTORS WAIT
Precious Metals continued to trade flat through afternoon trading. Many investors see the U.S. government shutdown as short term and believe a deal will be struck between political parties. However, even with the underperformance of Gold during the shutdown, there is some belief Gold prices could see a rapid rise. When asked his thoughts on the current market, Insignia Consultants chief analyst Chintan Karnani said, “This has actually confused the traders. But to me Gold has fallen as traders believe that U.S. politicians are prudent to ensure that the closure does not last long. … If the U.S. government closure moves into next week, Gold will rise.”
Although government lockdown is dominating news, investors worldwide are now turning their attention to the U.S. debt ceiling. Officials of U.S. and international financial institutions, including the International Monetary Fund, reiterated Thursday that a failure to raise the U.S. debt ceiling would have a major effect worldwide. The U.S. Treasury said, “A default would be unprecedented and has the potential to be catastrophic. The negative spillovers could reverberate around the world.”
At 5:13 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,319.10, Down $3.60.
- Silver, $21.74, Down $0.19.
- Platinum, $1,370.80, Down $21.10.
- Palladium, $701.80, Down $19.40.
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