Morning Gold & Silver Market Report – 10/15/2013

DEBT DEAL OPTIMISM HAS GOLD LOWER

Optimism surrounding a possible deal to raise the debt ceiling and end the U.S. government shutdown caused the U.S. dollar to rise. In turn, Precious Metals prices have fallen, giving up yesterday’s gains. Stock futures are higher as Senate Majority Leader Harry Reid said he was “very optimistic” about reaching a deal “this week.” BTIG chief strategist Dan Greenhaus said, “While we cannot forget that the Senate is not the House, and risks still remain the House votes down any Senate agreement, the bias has always been for a deal to be reached.”

MarketWatch’s Avi Gilburt has asked the question, “Are we setting up for a Lehman-type event?” His technical analysis points to that possibility, while also looking at investor sentiment. Gilburt notes that sentiment was very bearish during the stock market’s rise to all-time highs, and now the mood has finally turned bullish. He adds, “But now that we are approaching what can be a multi-year top, it is time for us to set aside further bullish dreams of grandeur for our equity markets. In fact, the manner in which we have moved up from the 2011 low has now caused me to become quite bearish as I look toward 2014.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,264.70, Down $14.00.
  • Silver, $21.01, Down $0.37.
  • Platinum, $1,370.50, Down $12.00.
  • Palladium, $706.90, Down $9.40.

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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
4/20/2014 8:07:03 PM EST

Metal Bid Ask Change
Gold $1,293.70 $1,295.70 ($0.20)
Silver $19.55 $19.65 $0.01
Platinum $1,404.90 $1,414.90 ($13.80)
Palladium $791.00 $796.00 ($12.10)
4/20/2014 8:07:03 PM EST

Click here for Historical Charts*All Charts are in USD


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