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

REPUBLICANS OFFER DEBT CEILING INCREASE

House Speaker John Boehner announced to reporters this morning that Congressional Republicans will offer a temporary resolution to the debt ceiling debate in exchange for negotiations with President Barack Obama about other fiscal issues.  Democratic Senator Chuck Schumer said it was good news that Republicans “are backing off their stand that they have to attach something to it.  I think they’re realizing they were playing with fire.  [That being said,] to do this every six weeks would be very devastating to the markets.”

Precious Metals prices were little-changed after the announcement.  Though the U.S. dollar has gained ground over the past two days, Sharps Pixley CEO Ross Norman said that “…the possible default and shutdown in the U.S. will unquestionably undermine confidence in the U.S. dollar longer term as [the international community looks] on in disbelief.  Reserve currencies simply should not be held hostage to domestic politics and the theme of Gold buying by emerging nation central banks looks assured.”

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

  • Gold, $1,300.10, Down $9.10.
  • Silver, $21.96, Up 40.04.
  • Platinum, $1,395.00, Up $13.00.
  • Palladium, $713.60, Up $8.50.

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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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