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Morning Gold & Silver Market Reports – 10/8/2013

ANALYSTS: FED COULD POSTPONE TAPERING

Gold and Silver prices are trading lower this morning, possibly reacting to the uptick in U.S. stock futures. Mitsubishi analyst Jonathan Butler said, “There is a realization that as difficult and serious this budgetary situation in the United States is, eventually a solution will be found and the country won't default. There is always the outside chance that this may happen and that may be what is providing a little bit of support to Gold but it's not really that convincing for many investors.” That being said, Commerzbank analysts added, “The [U.S. Federal Reserve] will probably postpone its retreat from quantitative easing, which could also help to push prices up.”

The U.S. government shutdown is now in its eighth day and positive news is finally emerging from Congress. Senate Democrats are looking ahead to the debt ceiling debate and the possibility of giving President Barack Obama the ability to raise the debt ceiling for a year. Henrik Drusebjerg of Nordea said, “Everyone is focusing on the politicians, and last night we saw a slight improvement in negotiations among Republicans and Democrats. It’s nothing close to a final solution, but still a slight improvement.”

 

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,324.90, Down $2.10.
  • Silver, $22.46, Up $0.04.
  • Platinum, $1,408.80, Up $7.90.
  • Palladium, $714.30, Up $8.00.

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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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