Mid-Day Gold & Silver Market Report – 9/27/2013
PRECIOUS METALS BOOSTED ON UNCERTAINTY
Precious Metals prices continue to trade higher through mid-day trading. This pushed Gold to positive territory for the week. With a budget deadline next Tuesday, many investors are concerned about what is next. Sam Wardwell, an investment strategist at Pioneer Investments, said, “A government shutdown would be a fiscal cliff that’s big enough in this case to drive the economy into a recession and I think that the market is increasingly worried about that risk because the risk seems to be rising.”
With the threat of a government shutdown only days away and continued quantitative easing speculation, markets are slowly starting to react, as U.S. consumer sentiment reached its lowest point since April. Ozlem Yaylaci, senior U.S. economist at IHS Global Insight, said, “Consumer sentiment has turned sour due to a more pessimistic outlook on economic growth and political bickering and finger-pointing. Consumer sentiment is likely to take a strong hit since a possible government shutdown and debt ceiling crisis in the coming months are not positive things.”
At 3.02 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,341.20, Up $15.10.
- Silver, $21.87, Up $0.08.
- Platinum, $1,422.80, Up $9.60.
- Palladium, $730.90, Up $7.40.
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