Daily Gold & Silver Market Report – 10/19/2015

Brandi Brundidge

10/19/2015 4:15:00 PM

GOLD SLIDES; DEBT CEILING AGREEMENT DEADLINE APPROACHING

Gold eased Monday after rising 7 percent in October from weak U.S. job data released earlier in the month.  "Last week was all dollar-driven," Afshin Nabavi, head of trading at MKS in Switzerland, said. "Stop after stop was triggered. A break of $1,200-1,225 [per ounce] only would bring some fresh buying, otherwise (we'll see) a trading range of $1,150-1,190 [per ounce]."  Uncertainty remains in the marketplace over how the Federal Reserve will move forward with an interest rate hike. Speculation of how the Fed will proceed generally sways Precious Metals prices easily. Silver is down 1.3 percent, while Platinum is up 0.2 percent and Palladium is down 1.7 percent, its lowest point since October 1. 

There are just over two weeks left for Congress to agree to raise the U.S. debt limit. Treasury Secretary Jack Lew spoke with CNBC’s “Squawk Box” Monday morning, explaining his team has forecast the remaining cash balance would last until November 3. "Our best estimate is November 3rd is when we'll exhaust what we call extraordinary measures; those are things we can do to manage things. I will run out of things that I can manage on November 3rd," Lew told CNBC. The economy has run into this issue in the past.  In 2011, a debt-ceiling feud caused Standard & Poor’s to downgrade the United States’ credit rating for the first time in history, which supported Gold. 

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

• Gold, $1,173.20 Down $12.50
• Silver, $15.91 Down $0.28
• Platinum, $1014.60 Down $9.10
• Palladium, $685.50 Down $14.90

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