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Mid-Day Gold & Silver Market Report – 10/9/2013

ALL EYES ON FED MINUTE RELEASE

Precious Metals prices have added to gains in morning trading, ahead of the release of the Federal Open Market Committee’s (FOMC) September policy meeting minutes, scheduled for 2 p.m. (ET). Investors hope it will provide clues as to the reasons for not going on with tapering quantitative easing (QE). BNP Paribas economists believe that not tapering was more a matter of “[convincing] markets that they were not running scared from QE. The FOMC decided to keep it simple and effective, and keep their foot on the gas in light of lackluster economic developments.”

Wescott Financial Advisory Group’s Richard Gotterer explained what he believes is the reason behind Gold’s non-reaction to the U.S. government shutdown. Gotterer said, “Gold should have gotten solid support the past week or so given the political battle going on. However, demand from institutional investors just isn’t there right now. Most have viewed the budget and debt ceiling concerns as being temporary, with a deal imminent.”

At 2:49 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,314.40, Down $12.30.
  • Silver, $22.04, Down $0.43.
  • Platinum, $1,387.20, Down $15.50.
  • Palladium, $706.40, Down $9.50.

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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Disclaimer:
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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