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Mid-Day Gold & Silver Market Report – 10/4/2013

DEBT CEILING LOOMS AS GOVERNMENT SHUTDOWN CONTINUES

Precious Metals continue to trade lower through midday. With the government shutdown stretching into the fourth day, many investors are still trying to figure things out. Sharps Pixley chief executive officer Ross Norman said, “ Explaining what we call the ‘Frankenstein’ economy is kind of tough at the moment when things don’t move entirely as they should.”

The U.S. debt ceiling is beginning to take center stage as the October 17 deadline for Congress to raise the nation’s debt limit approaches.  Democratic minority leader of the House of Representatives Nancy Pelosi said the current situation gives “every appearance of getting dangerously close to the conversation on the debt ceiling.”  A U.S. default could have a catastrophic effect that would be felt around the world.  However, as fiat currencies come and go, Precious Metals continue to have value over time.  

At 1:30 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,311.80, Down $7.80.
  • Silver, $21.77, Down $0.05.
  • Platinum, $1,389.60, Up $17.30.
  • Palladium, $701.90, Up $0.70.

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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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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