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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