Mid-Day Gold & Silver Market Report – 10/7/2013

BUDGET STALEMATE BOOSTING GOLD, DEPRESSING STOCKS

The Gold price is up for the first time in three sessions as the U.S. budget stalemate enters a second week.  Prolonged negotiations are beginning to weigh on investors as the fear that failure to reach a budget agreement could lead to a U.S. government default.  “In such a climate Gold will be attractive as a ‘safe haven’ globally,” GoldForecaster.com’s Peter Spina and Julian Phillips said. “We can see little to no good reason why the Gold price should fall. We can see every good reason why it should rise.” With political turmoil in Washington driving safe haven appeal and technical support levels holding Gold above the important level of $1,300 per ounce on Friday, short-term momentum for the yellow metal remains positive. 

U.S. stocks are down again Monday following a back-to-back weekly decline in the S&P 500. “Every day that passes makes the potential for a policy mistake to be that much greater,” Thrivent Asset Management director of research Darren Bagwell said. “One of the ironies of the market holding in as well as it has is that it has not exerted the type of pressure on Washington like we got a couple years ago.”  With policymakers deadlocked, the lack of key economic reports weighs on the U.S. Federal Reserve’s ability to make an educated decision regarding the future of quantitative easing.

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

  • Gold, $1,326.50, Up $14.60.
  • Silver, $22.38, Up $0.60.
  • Platinum, $1,402.40, Up $15.40.
  • Palladium, $706.00, Up $3.60.

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Disclaimer:

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
4/17/2014 11:57:45 AM EST

Metal Bid Ask Change
Gold $1,300.20 $1,302.20 ($3.30)
Silver $19.58 $19.68 $0.00
Platinum $1,430.90 $1,440.90 $3.10
Palladium $800.60 $805.60 $2.40
4/17/2014 11:57:45 AM EST

Click here for Historical Charts*All Charts are in USD


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