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Closing Gold & Silver Market Report – 10/3/2013

PRECIOUS METALS FLAT WHILE INVESTORS WAIT

Precious Metals continued to trade flat through afternoon trading.  Many investors see the U.S. government shutdown as short term and believe a deal will be struck between political parties. However, even with the underperformance of Gold during the shutdown, there is some belief Gold prices could see a rapid rise.  When asked his thoughts on the current market, Insignia Consultants chief analyst Chintan Karnani said, “This has actually confused the traders. But to me Gold has fallen as traders believe that U.S. politicians are prudent to ensure that the closure does not last long. … If the U.S. government closure moves into next week, Gold will rise.”

Although government lockdown is dominating news, investors worldwide are now turning their attention to the U.S. debt ceiling.  Officials of U.S. and international financial institutions, including the International Monetary Fund, reiterated Thursday that a failure to raise the U.S. debt ceiling would have a major effect worldwide.  The U.S. Treasury said, “A default would be unprecedented and has the potential to be catastrophic. The negative spillovers could reverberate around the world.”

At 5:13 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,319.10, Down $3.60.
  • Silver, $21.74, Down $0.19.
  • Platinum, $1,370.80, Down $21.10.
  • Palladium, $701.80, Down $19.40.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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