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.
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