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Market Reports

Mid-Day Gold & Silver Market Report – 9/30/2013


U.S. stocks dropped sharply in morning trading.  Bruce Bittles of RW Baird & Co. explained that there could be more to this than meets the eye.  He said, “It’s difficult to say what these politicians will eventually put together, but the largest problem the market faces here is not per se the budget controversy, or the debt ceiling, or even quarterly earnings, it’s complacency, which is unsettling because it opens the possibility of a larger decline on any negative news.”  The U.S. Senate will convene at 2 p.m. (ET), and the next update is expected then.

Gold and Silver prices have recovered slightly from morning lows.  Economic uncertainty, like the problems facing Washington at the moment, has historically been bullish for Gold.  Adam Koos of Libertas Wealth Management Group said that “chances are some silly kick-the-can bill will be passed to delay any ‘real’ decision to a later date.  My guess is that they’ll turn it into a political fire fight between now and Thanksgiving.”  After mentioning that inflation and interest rate spikes would be very bullish for Gold, he added, “The grand daddy of them all will be the Fed’s decision to start unloading their balance sheet, but we’ve got some time before that happens.”

At 1:08 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,334.20, Down $7.00.
  • Silver, $21.79, Down $0.07.
  • Platinum, $1,409.90, Down $7.80.
  • Palladium, $726.20, Down $5.60.
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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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