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Morning Gold & Silver Market Report – 10/16/2013

GOLD COULD RETURN TO SAFE-HAVEN STATUS

Gold and Silver prices are trading slightly higher this morning as the U.S. government shutdown enters its 16th day. A CME Group analyst wrote, “The markets are still unsure if there is an actual movement forward or backward (on the shutdown). However, if it appears that the U.S. is likely to encounter a default, Gold prices might return to a safe-haven status.” A default could occur if Congress cannot agree on a deal to raise the debt ceiling before tomorrow’s deadline.

U.S. stock futures are trading higher as well, perhaps on expectations a debt deal will be reached in time to prevent a default. Fitch Ratings put the U.S.’s credit rating on negative watch and said that “prolonged negotiations over raising the debt ceiling … risks undermining confidence in the role of the U.S. dollar as the preeminent global reserve currency by casting doubt over the full faith and credit of the U.S.” A ratings downgrade is extremely likely if a debt ceiling deal is not reached in time.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,281.90, Up $6.70.
  • Silver, $21.36, Up $0.14.
  • Platinum, $1,390.20, Up $7.80.
  • Palladium, $708.50, Up $1.20.

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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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