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Mid-Day Gold & Silver Market Report – 10/14/2013

OBAMA TO MEET WITH CONGRESSIONAL LEADERS

Gold and Silver prices have dropped slightly in morning trading, though both are still nearly one percent higher overall. With the debt ceiling deadline just three days away, President Barack Obama is slated to meet with majority and minority leaders from both the Senate and the House of Representatives this afternoon. A White House official said, “With only a few days until the government runs out of borrowing authority, the president will make clear the need for Congress to act to pay our bills, and reopen the government.”

Stocks have pared losses in morning trading, but Deutsche Bank analysts wrote in a note, “Just when you thought it was safe to assume progress on the budget impasse, the weekend has proved to be frustratingly slow in terms of positive developments. Markets are responding accordingly … as last week's hope that we would see an early-week deal has evaporated.” Despite Senate Democratic leader Harry Reid having a “productive conversation” with Senate Republican leader Mitch McConnell over the weekend, lawmakers were still unable to reach a deal.

At 1:04 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,278.80, Up $8.60.
  • Silver, $21.46, Up $0.18.
  • Platinum, $1,381.90, Up $7.30.
  • Palladium, $715.20, Up $0.90.

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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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