Closing Gold & Silver Market Report – 9/26/2013

U.S. DEBT CONCERNS STILL WEIGHING ON METALS

Precious Metals continued to trade flat through the afternoon, giving back a portion of recent gains. Economic data showing a decline in both pending home sales and jobless claims, along with continued U.S. budget talks, are providing pressure to metal prices. CitrinGroup founder and executive chairman Jonathan Citrin said, “The metal continues to suffer as global conditions progress, albeit slowly, toward more recovery than not. … There is plenty of unrest that could occur, particularly with U.S. budget talks again reaching the eleventh hour. But the depressed price of Gold itself is currently enough to scare off traders unless something major develops in the world.”

Today, House Republican leaders proposed a deal to increase the U.S. debt ceiling that was met with resistance. U.S. Representative from Alabama’s 5th Congressional District, Mo Brooks, said, “This debt-ceiling package does not fix the underlying cause of the problem, which are the deficits. We need to significantly cut government spending.” With a government shutdown looming in the next few days, investors will keep a close eye on whether or not a deal is reached to avoid shutdown and, if not, what effect it will have on the economy.

At 4:21 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,325.90, Down $12.30.
  • Silver, $21.75, Down $0.17.
  • Platinum, $1,410.00, Down $19.80.
  • Palladium, $720.50, Down $4.30.
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.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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