Mid-Day Gold & Silver Market Report – 9/24/2013
METALS CONTINUE TO FEEL PRESSURE
Precious Metals prices continue to trade lower through afternoon trading. Increasing speculation on when the Federal Reserve will begin to slow its bond buying program are once again having an effect on prices. Commerzbank AG wrote in a report today, “The debate about whether the Federal Reserve may begin scaling back its bond purchases when it next meets at the end of October is continuing to weigh on the price.”
U.S. consumer confidence took a turn for the worse in September, reaching its lowest level since May. Viewpoints of stagnant wages and fear over new job creation in the next six months are starting to show in consumer data, which could potentially effect markets in the coming months. IHS Global Insight director of consumer economics Chris G. Chistopher, said “Political bickering and finger pointing over the debt ceiling and possible government shutdown is not a positive for consumer mood and spending, especially in the fourth quarter when holiday retail sales are vital to many retail channels.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,316.60, Down $12.40.
- Silver, $21.59, Down $0.30.
- Platinum, $1,419.10, Down $7.80.
- Palladium, $719.50, Up $2.50.