Morning Gold & Silver Market Report – 10/15/2013
DEBT DEAL OPTIMISM HAS GOLD LOWER
Optimism surrounding a possible deal to raise the debt ceiling and end the U.S. government shutdown caused the U.S. dollar to rise. In turn, Precious Metals prices have fallen, giving up yesterday’s gains. Stock futures are higher as Senate Majority Leader Harry Reid said he was “very optimistic” about reaching a deal “this week.” BTIG chief strategist Dan Greenhaus said, “While we cannot forget that the Senate is not the House, and risks still remain the House votes down any Senate agreement, the bias has always been for a deal to be reached.”
MarketWatch’s Avi Gilburt has asked the question, “Are we setting up for a Lehman-type event?” His technical analysis points to that possibility, while also looking at investor sentiment. Gilburt notes that sentiment was very bearish during the stock market’s rise to all-time highs, and now the mood has finally turned bullish. He adds, “But now that we are approaching what can be a multi-year top, it is time for us to set aside further bullish dreams of grandeur for our equity markets. In fact, the manner in which we have moved up from the 2011 low has now caused me to become quite bearish as I look toward 2014.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,264.70, Down $14.00.
- Silver, $21.01, Down $0.37.
- Platinum, $1,370.50, Down $12.00.
- Palladium, $706.90, Down $9.40.
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