Morning Gold & Silver Market Report – 10/4/2013
TREASURY: NO CHANCE WE SELL GOLD TO PAY BILLS
Gold and Silver prices are trading lower as the U.S. government shutdown enters day four. Recently, MarketWatch’s Brett Arends asked a U.S. Treasury spokeswoman if the U.S. would consider selling its Gold holdings to pay debt if Congress fails to raise the debt ceiling. The spokeswoman said, “Selling Gold would undercut confidence in the U.S. both here and abroad, and would be destabilizing to the world financial system.” John Strauss, co-manager of the Appleseed mutual fund, said, “With Gold on the ropes this year, investors are increasingly questioning the intrinsic value of Gold. Given the craziness in D.C., it seems to me that investors should really be questioning the intrinsic value of paper dollars backed by feckless promises.”
U.S. stock futures are pointing higher in pre-market trading, but this doesn’t surprise CNBC’s Jim Cramer. Cramer said yesterday, “Stocks will probably bounce on Friday, as they often do on Fridays when the short sellers fear that we could get a deal over the weekend. That's how it always is with these political fights. I’m not expecting a deal. And if I’m right and none comes, the selling will just start all over again on Monday.” Cramer was speaking on yesterday’s heavy selling in the markets, and said it was ‘day one’ of a big sell-off in stocks.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,319.60, Even.
- Silver, $21.82, Up $0.01.
- Platinum, $1,385.90, Up $14.10.
- Palladium, $707.80, Up $7.60.
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