Morning Gold & Silver Market Report – 10/23/2013
PROFIT-TAKING ENTERS MARKET AFTER RALLY
Precious Metals prices are trading lower this morning as the U.S. dollar steadies. After Gold’s rally yesterday, Mitsubishi analyst Jonathan Butler said, “We may see some short-positioning coming in, and we might also see some profit-taking based on the moves of the last few days. This $1,330 level is an important technical point, and so far Gold has managed to hold onto it. A lot of investors are just waiting to see what the next move will be.” Commerzbank analysts upgraded their medium-term view for Gold from bearish to neutral.
U.S. stock futures are trading lower, and Interactive Investor’s Rebecca O’Keeffe said, “The jubilation that greeted the poor nonfarm payrolls number [which led to an assumption that quantitative easing tapering will not occur soon] does need to be tempered with the reality that the U.S. economy appears to be slowing, and with the impact of the shutdown still to be felt and the debt ceiling set to be revisited early in the new year, there are potential road blocks ahead.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,336.50, Down $8.10.
- Silver, $22.75, Down $0.09.
- Platinum, $1,442.90, Down $8.80.
- Palladium, $749.80, Down $4.10.
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