Morning Gold & Silver Market Report – 9/25/2013
LEW: CONGRESS HAS MUCH TO DO IN LITTLE TIME
Gold and Silver prices were little changed in overnight trading. Saxo Bank’s Ole Hansen explained, “The markets don’t really know where to go at the moment. If the budget talks continue to stall, that could obviously give a boost, but on the other side the focus on [quantitative easing] tapering won't go at the moment as an October announcement won't make the [U.S. Federal Reserve] look good.” Another factor that perhaps is not receiving enough attention is the potential government shutdown due to the U.S. hitting its debt ceiling. U.S. Treasury Secretary Jacob Lew believes the attitude toward this is troubling. He said, “The calm out there … is a bit greater than it should be. Congress has a lot of work to do in a short period of time.”
U.S. stock futures are down amid volatile trading this morning. Adam Sarhan of Sarhan Capital said, “The market remains very news-driven. Investors are looking for clarity on both fiscal and monetary issues. At this point, the jury is still out on both issues and that is a primary reason why we are seeing stocks pull back over the past week.” Budget worries continue to trouble some investors. Sarhan added, “So far, this appears to be a normal pullback but we are watching it closely to see if it develops into something more substantial. One of the key factors of the entire 4.5 year bull market has been easy money from the Fed and (for now) that is alive and well.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,322.90, Up $4.60.
- Silver, $21.77, Up $0.16.
- Platinum, $1,427.50, Up $7.70.
- Palladium, $719.50, Up $0.50.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.