Morning Gold & Silver Market Report – 10/17/2013
DEBT DEAL COULD MEAN NO TAPERING
The domino effect that seems to have begun with the debt-ceiling deal is causing Precious Metals prices to rise, as quantitative easing tapering is now not expected to begin any time soon. Commerzbank analyst Daniel Briesemann said, “Tapering will be postponed much further, so that's probably the main aspect behind the current spike in prices.”
Chinese rating agency Dagong downgraded the U.S. sovereign debt rating, saying that the U.S. “government is still approaching the verge of default crisis, a situation that cannot be substantially alleviated in the foreseeable future.” This caused the U.S. dollar and stock futures to fall. The weekly jobless claims report was released this morning and showed claims dropped by 15,000, which was lower than the predicted drop of 18,000. The report’s release caused the dollar and stock futures to fall further and Precious Metals prices to rise further.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,315.90, Up $31.60.
- Silver, $21.83, Up $0.43.
- Platinum, $1,420.50, Up $23.30.
- Palladium, $725.30, Up $10.70.
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