Closing Gold & Silver Market Report – 10/10/2013
DEBT CRISIS BEGINNINGTO TAKE CENTER STAGE
Gold prices continued to trade lower through afternoon trading. With all eyes on Washington, U.S. stock prices moved upward today and had the second-best session of this year. Danske Bank analyst Christin Tuxen said, “Both Republicans and Democrats are starting to be a little bit more willing to find a solution and that's what is dragging Gold lower.”
Today House Republican leaders proposed a temporary fix to the budget crisis that is quickly approaching. Randy Frederick, managing director of active trading and derivatives at Charles Schwab, said, “It’s my understanding that discussions are going on in that theatrical place we call Congress now.” The Republican proposal would raise the debt ceiling and lessen the odds of a government shutdown. A government shutdown could be catastrophic for world economies, pushing investors to a “historic” safe haven asset like gold.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,288.40, Down $20.80.
- Silver, $21.71, Down $0.21.
- Platinum, $1,387.00, Up $5.00.
- Palladium, $708.00, Down $3.00.
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