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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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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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