Morning Gold & Silver Market Report – 10/18/2013

Ryan Schwimmer

10/18/2013 8:15:20 AM

EXPECTED TAPERING DELAY BULLISH FOR GOLD; SILVER COULD HIT RECORD HIGHS

Expectations that the U.S. government shutdown will delay the Federal Reserve’s plans for tapering quantitative easing have the Gold price on pace for its biggest weekly gain in two months. Mitsubishi analyst Jonathan Butler explained, “Once the government re-opened and the agenda moved on from the debt crisis to next week's Federal Reserve meeting, that was a trigger for Gold to see some upside.” On the day, Gold and Silver prices are down slightly. Platinum and Palladium prices are slightly higher, with Platinum taking its largest premium over Gold in a month.

CPM Group’s Silver Long-Term Outlook report was released Thursday and showed the Silver price could hit record highs in the next 10 years. The report said that in the long term, the Silver price would be “continuing a secular bull trend that began at the turn of the century.” In the next decade, the report said, “Investors are expected to step up their purchases, backed by expectations for strong capital appreciation amid rising industrial demand for the metal.”

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

• Gold, $1,321.00, Down $4.00.
• Silver, $22.04, Up $0.07.
• Platinum, $1,438.50, Up $4.60.
• Palladium, $740.50, Up $1.70.

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