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Morning Gold & Silver Market Report – 10/1/2013


Precious Metals prices fell in overnight trading, shrugging off brief gains immediately after the U.S. government shut down for the first time in 17 years.  Investors appear to be betting that the matter will be resolved shortly.  One major concern, however, is that Congress could potentially have an even harder time with the debt-ceiling deadline in just a couple weeks.  Commerzbank analysts explained the worst-case scenario, writing, “In the worst case, the country could actually face insolvency, and while there is very little chance of it coming to that, such a development would seriously push up Gold prices.”

Macroeconomic Advisors released a report that explained the potential effect of a government shutdown on gross domestic product (GDP).  The report showed that a two-week shutdown could impact GDP by 0.3 percent, a three-week shutdown would have a 0.5 percent impact, and a month-long shutdown could reduce GDP by 0.7 percent.  An estimated 800,000 federal government workers are now off the job as Congressional Republicans and Democrats battle over President Barack Obama’s Affordable Care Act.

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

  • Gold, $1,297.30, Down $31.70.
  • Silver, $20.93, Down $0.81.
  • Platinum, $1,376.60, Down $34.30.
  • Palladium, $719.40, Down $7.80.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! 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.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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