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

DEBT CRISIS BEGINNINGTO TAKE CENTER STAGE

Gold prices continued to trade lower through afternoon trading.   With all eyes on Washington, U.S. stock prices moved upward today and had the second-best session of this year.  Danske Bank analyst Christin Tuxen said, “Both Republicans and Democrats are starting to be a little bit more willing to find a solution and that's what is dragging Gold lower.” 

Today House Republican leaders proposed a temporary fix to the budget crisis that is quickly approaching.   Randy Frederick, managing director of active trading and derivatives at Charles Schwab, said, “It’s my understanding that discussions are going on in that theatrical place we call Congress now.”  The Republican proposal would raise the debt ceiling and lessen the odds of a government shutdown.  A government shutdown could be catastrophic for world economies, pushing investors to a “historic” safe haven asset like gold.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,288.40, Down $20.80.
  • Silver, $21.71, Down $0.21.
  • Platinum, $1,387.00, Up $5.00.
  • Palladium, $708.00, Down $3.00.

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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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