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Morning Gold & Silver Market Report – 10/4/2013


Gold and Silver prices are trading lower as the U.S. government shutdown enters day four. Recently, MarketWatch’s Brett Arends asked a U.S. Treasury spokeswoman if the U.S. would consider selling its Gold holdings to pay debt if Congress fails to raise the debt ceiling. The spokeswoman said, “Selling Gold would undercut confidence in the U.S. both here and abroad, and would be destabilizing to the world financial system.” John Strauss, co-manager of the Appleseed mutual fund, said, “With Gold on the ropes this year, investors are increasingly questioning the intrinsic value of Gold. Given the craziness in D.C., it seems to me that investors should really be questioning the intrinsic value of paper dollars backed by feckless promises.”

U.S. stock futures are pointing higher in pre-market trading, but this doesn’t surprise CNBC’s Jim Cramer. Cramer said yesterday, “Stocks will probably bounce on Friday, as they often do on Fridays when the short sellers fear that we could get a deal over the weekend. That's how it always is with these political fights. I’m not expecting a deal. And if I’m right and none comes, the selling will just start all over again on Monday.” Cramer was speaking on yesterday’s heavy selling in the markets, and said it was ‘day one’ of a big sell-off in stocks.

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

  • Gold, $1,319.60, Even.
  • Silver, $21.82, Up $0.01.
  • Platinum, $1,385.90, Up $14.10.
  • Palladium, $707.80, Up $7.60.

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