Morning Gold & Silver Market Reports – 10/8/2013
ANALYSTS: FED COULD POSTPONE TAPERING
Gold and Silver prices are trading lower this morning, possibly reacting to the uptick in U.S. stock futures. Mitsubishi analyst Jonathan Butler said, “There is a realization that as difficult and serious this budgetary situation in the United States is, eventually a solution will be found and the country won't default. There is always the outside chance that this may happen and that may be what is providing a little bit of support to Gold but it's not really that convincing for many investors.” That being said, Commerzbank analysts added, “The [U.S. Federal Reserve] will probably postpone its retreat from quantitative easing, which could also help to push prices up.”
The U.S. government shutdown is now in its eighth day and positive news is finally emerging from Congress. Senate Democrats are looking ahead to the debt ceiling debate and the possibility of giving President Barack Obama the ability to raise the debt ceiling for a year. Henrik Drusebjerg of Nordea said, “Everyone is focusing on the politicians, and last night we saw a slight improvement in negotiations among Republicans and Democrats. It’s nothing close to a final solution, but still a slight improvement.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,324.90, Down $2.10.
- Silver, $22.46, Up $0.04.
- Platinum, $1,408.80, Up $7.90.
- Palladium, $714.30, Up $8.00.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (ET)! Or call us Fridays until 6 p.m. (ET)! 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.