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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