Gold Spot Price Open: $1,317
Gold Spot Price Close: $1,316
Change in Gold Spot Price: -$1
Silver Spot Price Open: $21.93
Silver Spot Price Close: $22.26
Change in Silver Spot Price: +$0.33
Gold and silver did little moving on Monday as many investors were happy enough to see the metals retain last week’s gains. When all was said and done, gold lost about one dollar and silver gained roughly 33 cents. Clearly, silver had the better day of the two.
With the government shutdown now completely behind us, it comes time for investors to focus on other matters. The biggest piece of information being presented to investors this week is going to be the overdue employment report from this past September. It is currently anticipated that non-farm payrolls will have risen by almost 200,000, though this number is expected to be too weak of an increase to alter the 7.3% unemployment rate.
Though the employment report is due out tomorrow, many of the other missed economic reports are expected to be foregone completely. This can be attributed to nothing more than the fact that government agencies are so backed up that they simply do not have time to back-track for these reports. Or, they are simply not willing to do so.
The US Dollar continues to hover at a 10-month low and it is hard to imagine it will make any significant gains as investors are still wary about the possibility of another government shutdown further down the road. This persisting worry is preventing the USD and US stocks from making any sort of substantial gain. To that end, gold and silver are receiving more of a boost in spite of stocks and the USD thanks to the growing realization that the Fed will likely not alter monetary policy before the end of the year.
Before the shutdown, many investors were sure that Quantitative Easing would be tapered by the year’s end. Now, with the shutdown likely to have negatively impacted 4th quarter US economic growth, the Fed will more than likely have no real chance to make changes to monetary policy before the year’s end.
Be wary of September’s employment report as it is expected to be released before noon EST tomorrow.
