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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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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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