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Market Reports

Morning Gold & Silver Market Report – 10/9/2013

OBAMA TO NOMINATE BERNANKE’S SUCCESSOR

Precious Metals prices fell this morning after the U.S. dollar rose from eight-month lows. The dollar is said to be reacting to reports that President Barack Obama will nominate Federal Reserve Vice Chairwoman Janet Yellen as current Fed Chairman Ben Bernanke’s successor, ending some uncertainty in the markets. Peter Fertig of Quantitative Commodity Research said, “A default of the U.S. government should be positive for Gold, because it would be the only safe haven U.S. investors would have. That Gold is not reacting so strongly to the developments in the United States is surprising.”

The dollar’s increase had a positive impact on U.S. stock futures, which are pointing toward a higher open this morning. Minutes from the recent Federal Reserve meeting are due for release this afternoon, though most of the focus is still on the U.S. government shutdown. David Thebault of Global Equities said, “Politicians are putting markets under pressure, and now the U.S. is on the road to have its rating cut or default.” The debt ceiling debate in 2011 caused ratings agency Standard & Poor’s to downgrade the country’s sovereign credit rating, which boosted the Gold price to an all-time high.

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

  • Gold, $1,309.20, Down $17.40.
  • Silver, $21.99, Down $0.48.
  • Platinum, $1,383.30, Down $19.40.
  • Palladium, $707.50, Down $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 ‘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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