Morning Gold & Silver Market Report – 10/11/2013

POSSIBLE BUDGET DEALS PRESSURE GOLD

The U.S. dollar is headed for its third straight day of gains and is continuing to put pressure on the Gold price, which is headed for its second straight week of losses. This is most likely due to signs that Washington is close to reaching budget and debt ceiling deals. Michael Widmer of Bank of America Merrill Lynch said, “You had a very short-lived move higher on the back of the debt ceiling talks but … the market just discounts a lot of the bullish news at the moment, looking at the improving underlying economic picture.”

In speaking of recent stock market volatility, Wouter Sturkenboom of Russell Investment said, “I think most people who were looking at this whole mess were expecting a pragmatic result — they can’t go over the brink, they can’t go into default, as we were — but none of us knew when and how it would happen. A lot of people had their finger on the trigger for the first sign of resolution. It took less than I expected it would take, but that’s how markets are these days.” U.S. stock futures are pointing to a higher open for Wall Street.

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

  • Gold, $1,270.30, Down $28.60.
  • Silver, $21.28, Down $0.65.
  • Platinum, $1,369.90, Down $25.10.
  • Palladium, $712.50, Down $1.10.

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 ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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