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Market Reports

Morning Gold & Silver Market Report – 9/30/2013


The growing possibility of a U.S. government shutdown has depressed stock futures during morning trading as government concerns look to be today’s main market motivators. Failure to pass a budget bill by Monday night will cause a partial government shutdown resulting in thousands of worker furloughs. “As we’ve seen in the past, the months leading up to the deadline are simply seen as an opportunity for both sides to gain political points, while making a villain out of the opposition. It’s only in the final 24 hours that any actual progress tends to be made,” Craig Erlam, market analyst at Alpari U.K., said. “We can only hope that this is what we’re seeing again.” As America awaits legislation in Washington, a government shutdown could cause Friday’s monthly jobs report to be delayed. The jobs report has been the most highly scrutinized piece of economic data in the lead up to the Federal Reserve’s decision on monetary easing measures.

The Gold price is down during morning trading as the inevitability of stimulus tapering weighs heavily on the minds of Precious Metals investors. Though Gold is up more than 8 percent from lows experienced in late June and July, the metal is still looking for a catalyst to break out of bearish territory. The current impasse in Washington regarding a spending bill could be a bullish factor as uncertainty surrounding government stability has always been an important motivator of Precious Metals prices.

At 10:15 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,329.00, Down $12.30.
  • Silver, $21.59, Down $0.27.
  • Platinum, $1,411.40, Down $6.30.
  • Palladium, $727.70, Down $4.10.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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