Gold Spot Price Open: $1,315
Gold Spot Price Close: $1,317
Change in Gold Spot Price: +$2
Silver Spot Price Open: $21.81
Silver Spot Price Close: $21.71
Change in Silver Spot Price:-$0.10
Thursday saw gold and silver experience mixed results as the US government shutdown carries on for a third consecutive day. When all was said and done, gold picked up about 2 dollars while silver lost about ten cents. Despite today’s seemingly stagnant spot values, gold and silver ended up having a decent day when you consider their ending values relative to today’s lows.
As you would expect, today’s main story revolved around the ongoing US government shutdown which is now in its 3rd consecutive day. Though the Speaker of the House, John Boehner, seems to be the catalyst for compromise in the budget situation, Congress is nowhere near close enough to a resolution that we can say there is light at the end of the tunnel. The world marketplace is seeing its stress levels rise, though panic has not ensued quite yet.
With that being said, if the budget crisis carries on into next week, we may see a worldwide economic panic. This entire situation is causing the economic instability which was the reason behind the Fed’s retention of Quantitative Easing. The budget crisis and the impending borrowing limit being reached are two very real reasons we stand the possibility of seeing a very tumultuous next few days in regard to the worldwide economic atmosphere.
US government economic reports will be delayed due to the government shutdown, including September’s employment report which was originally scheduled for release tomorrow. Since there is no concrete way of knowing when the government shutdown will end, it is impossible to say when the employment will actually be released. A non-government report which was released on Thursday was the ISM non-manufacturing report for the US. This piece of data proved to be positive for precious metals, helping them recover from daily low points.
