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Closing Gold & Silver Market Report – 10/14/2013


Gold moved up today as the U.S. government remains shut down and hopes of reaching an agreement by October 17 begin to deteriorate. "There has been some short-covering today … but overall, the market is expecting a U.S. debt ceiling agreement eventually and it is mostly positioning a little bit more on the short side rather than the long,'' MKS SA head of trading Afshin Nabavi said. Larger than normal sell orders have more recently affected bullion prices as the market has been exposed by technical selling.

Even though the U.S. government officially has until this Thursday to reach a debt ceiling solution, many factors are weighing on whether other countries such as China will continue investing in America going forward. U.S. citizens are nervous that if the government defaults on its debt, the dollar could devalue at a quick pace. The housing market is already feeling the pressure as investors have been reluctant to purchase or sell in an uncertain economy. "The confidence of our buyers and sellers is waning very rapidly," National Association of Realtors president Gary Thomas told the Senate Banking Committee last Thursday. "We have transactions canceling right now. We have people not being able to get loans. We can't get beyond where we are at. It's going to go backwards very, very fast."


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

  • Gold, $1,274.80, Up $4.60.
  • Silver, $21.29, Up $0.01.
  • Platinum, $1,379.20, Up $4.60.
  • Palladium, $715.00, Up $0.70.

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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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