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Closing Gold & Silver Market Report – 10/9/2013


Precious Metals were affected throughout the day as the U.S. dollar rose to a one week high. Today, President Barack Obama introduced Janet Yellen as a Federal Reserve Chairman nominee, which was a highly anticipated move that supported the U.S. dollar. The market is certain Yellen will follow in Ben Bernanke’s footsteps with a loose monetary policy by not tapering current monthly asset purchases too quickly. Investors assess this as a positive for Precious Metals as fiscal policy is looked upon as inflationary and Gold is seen as a hedge against inflation. 

The minutes from September’s Federal Reserve meeting were released today and it appears that the decision to not taper the monthly bond-buying program was a difficult one. "All members but one judged that it would be appropriate for the Committee to await more evidence that progress would be sustained before adjusting the pace of asset purchases," the minutes said. Apparently U.S. economic data is not indicating that the job and housing markets are moving toward a recovery. If the U.S. economy showed improvement, the Federal Reserve would have chosen to cut back monetary policy as they previously announced. 

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,309.00, Down $17.60.
  • Silver, $21.92, Down $0.55.
  • Platinum, $1,381.30, Down $21.40.
  • Palladium, $703.00, Down $12.90.

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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