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Mid-Day Gold & Silver Market Report – 10/18/2013

GLOBAL MARKETS REACT TO U.S. DEBT AGREEMENT

Precious Metals are slightly lower through mid-day trading.  However, even with today’s slight pullback, Gold is on track for a weekly gain of almost four percent.  Michael Smith, president of T&K Futures & Options in Port St. Lucie, Florida, stated, “People want to be in equities as the most lucrative investment.  Also, there is some profit-taking after [Gold’s] big rally.”  With expectations of continued Federal Reserve quantitative easing, and no taper in sight,  investors are beginning to become bullish on Gold.

Global equity markets responded Friday to the last-minute budget deal stuck by U.S. lawmakers. The U.S. dollar has reached an eight-month low while global markets reacted with a five-year high. Commonwealth Foreign Exchange chief market analyst Omer Esiner said, “The real economy has been negatively impacted by the government shutdown and uncertainty of the debt crisis, all of which pushes out eventual Fed policy normalization which is bad for the dollar.” This may be big news for Gold, which has historically had a inverse correlation with the dollar.

At 2:01 p.m. (ET), the APMEX Precious Metals prices were:

  • Gold, $1,315.80, Down $9.20.
  • Silver, $21.93, Down $0.06.
  • Platinum, $1,438.80, Up $2.90.
  • Palladium, $741.80, Up $3.00.
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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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