Mid-Day Gold & Silver Market Report – 10/8/2013

MARKETS EYE GOVERNMENT FOR DIRECTION

Precious Metals continue to trade flat through mid-day trading. As the U.S. government shutdown continues into week two with no agreement in sight, many investors are beginning to take notice. Commerzbank analysts said in a note, “As there is still no sign of the dispute being resolved, market players will remain unsettled and interest in Gold as a safe haven and crisis currency should increase. Moreover, the [Federal Reserve] will probably postpone its retreat from quantitative easing, which could also help to push prices up.”

The global outlook on the U.S. economy and debt ceiling continues to be a concern. With the U.S. economy driving an overall global recovery, international financial managers are beginning to consider the effects of a potential default. On Tuesday, the International Monetary Fund warned, “A failure to promptly raise the debt ceiling, leading to a U.S. selective default, could seriously damage the global economy. Policymakers have shown their determination to keep the global economy away from the precipice. Aside from new cliff events, a growing worry is a prolonged period of sluggish global growth.”

At 2:34 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,324.00, Down $3.10.
  • Silver, $22.41, Down $0.01.
  • Platinum, $1,402.90, Up $2.00.
  • Palladium, $714.80, Up $8.40.
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 ‘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
4/23/2014 2:48:54 PM EST

Metal Bid Ask Change
Gold $1,284.30 $1,286.30 $3.20
Silver $19.38 $19.48 $0.07
Platinum $1,394.70 $1,404.70 $4.40
Palladium $781.80 $786.80 $2.10
4/23/2014 2:48:54 PM EST

Click here for Historical Charts*All Charts are in USD


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