Closing Gold & Silver Market Report – 10/14/2013
GOLD RISES WITH ECONOMIC UNCERTAINTY; U.S. DOLLAR OUTLOOK CAUSES GLOBAL CONCERN
Gold moved up today as the U.S. government remains shut down and hopes of reaching an agreement by October 17 begin to deteriorate. "There has been some short-covering today … but overall, the market is expecting a U.S. debt ceiling agreement eventually and it is mostly positioning a little bit more on the short side rather than the long,'' MKS SA head of trading Afshin Nabavi said. Larger than normal sell orders have more recently affected bullion prices as the market has been exposed by technical selling.
Even though the U.S. government officially has until this Thursday to reach a debt ceiling solution, many factors are weighing on whether other countries such as China will continue investing in America going forward. U.S. citizens are nervous that if the government defaults on its debt, the dollar could devalue at a quick pace. The housing market is already feeling the pressure as investors have been reluctant to purchase or sell in an uncertain economy. "The confidence of our buyers and sellers is waning very rapidly," National Association of Realtors president Gary Thomas told the Senate Banking Committee last Thursday. "We have transactions canceling right now. We have people not being able to get loans. We can't get beyond where we are at. It's going to go backwards very, very fast."
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,274.80, Up $4.60.
- Silver, $21.29, Up $0.01.
- Platinum, $1,379.20, Up $4.60.
- Palladium, $715.00, Up $0.70.
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