Mid-Day Gold & Silver Market Report – 10/15/2013
METALS FLAT WITH NO GOVERNMENT DEAL ON TABLE
Precious Metals prices are flat through mid-day trading. Even as U.S. leaders continue to work on both a debt ceiling deal and the government shutdown, tapering of quantitative easing (QE) is still in the back of many investors’ minds. When asked for his thoughts on the government avoiding a debt default, Eric Green of TD Securities said a good outcome could “push the normalization of [monetary] policy further in to the future” and raise the “possibility that tapering turns more aggressive when it does start.” This could raise the potential for volatility in the market, which, as Green went on to say, “may handicap the [Federal Reserve’s] capacity to organize a withdrawal from QE within a market fixated on the flow effects of Fed purchases.”
Today, Senate Majority Leader Harry Reid denounced a measure reportedly being considered by House Republicans. He then warned the measure would bring the country closer to default, saying, “the U.S. credit ratings could be downgraded as soon as Tuesday night.” With the U.S. debt deadline dominating the news, international interest is very high.
At 1:27 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,274.40, Down $4.20.
- Silver, $21.23, Down $0.15.
- Platinum, $1,381.30, Down $1.20.
- Palladium, $707.50, Down $8.80.
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