Mid-Day Gold & Silver Market Report – 10/4/2013

Peter LaTona

10/4/2013 1:31:00 PM

DEBT CEILING LOOMS AS GOVERNMENT SHUTDOWN CONTINUES

Precious Metals continue to trade lower through midday. With the government shutdown stretching into the fourth day, many investors are still trying to figure things out. Sharps Pixley chief executive officer Ross Norman said, “ Explaining what we call the ‘Frankenstein’ economy is kind of tough at the moment when things don’t move entirely as they should.”

The U.S. debt ceiling is beginning to take center stage as the October 17 deadline for Congress to raise the nation’s debt limit approaches.  Democratic minority leader of the House of Representatives Nancy Pelosi said the current situation gives “every appearance of getting dangerously close to the conversation on the debt ceiling.”  A U.S. default could have a catastrophic effect that would be felt around the world.  However, as fiat currencies come and go, Precious Metals continue to have value over time.  

At 1:30 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,311.80, Down $7.80.
• Silver, $21.77, Down $0.05.
• Platinum, $1,389.60, Up $17.30.
• Palladium, $701.90, Up $0.70.

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