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Mid-Day Gold & Silver Market Report – 10/16/2013

INVESTORS AWAIT POSSIBLE BUDGET DEAL TODAY

Gold is trading relatively even Wednesday as investors await a possible U.S. debt ceiling resolution.  “We have heard a couple of times that they were close to [reaching] an agreement but they haven't... nonetheless, investors have been generally positive on a solution happening,” Natixis analyst Bernard Dahdah said.  If a solution is not reached by Thursday, the U.S. government is expected to default on its debt obligations. The potential for default has some analysts and investors pondering the notion of the U.S. receiving a credit downgrade, which could be a positive motivator for Precious Metals prices.

As Gold remains relatively unchanged at midday, equities indexes have rallied on expectations of a budget resolution. The Dow Jones Industrial Average rallied more than 200 points as rumors about a last-minute default solution circulate. “The brinksmanship in Washington is disappointing and annoying, but everyone believes we're going to come to a deal so that's good news for the market,” ING U.S. Investment Management market strategist Karyn Cavanaugh said. “We're trading closer to all-time high levels, but earnings are also at all-time highs…there's still value in the market and while DC is creating a headwind for a lot of companies, we will continue to see earnings growth.” 

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,279.70, Up $4.40.
  • Silver, $21.40, Up $0.18.
  • Platinum, $1,395.00, Up $12.60.
  • Palladium, $714.50, Up $7.20.

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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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