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Friday, October 11, 2013

There’s growing optimism in the U.S. as it appears the chances of a deal in Washington to increase the “debt ceiling” are greater than the chances of the New York Giants winning a football game this season!

There’s growing optimism in the U.S. as it appears the chances of a deal in Washington to increase the “debt ceiling” are greater than the chances of the New York Giants winning a football game this season! Hints of a deal between the House Republicans, and everyone else in Congress, permeated the markets throughout yesterday’s session as equities surged back to life and gold found itself under pressure. The positive sentiment looks healthy to start the final trading session of the week but that’s not necessarily a good thing for the precious complex. Gold is down more than 2% to start the day and, after battling to hold anywhere near the $1300 level, finds itself at $1267. Silver has followed in the same direction and now trades nearly 3% lower to $21.245 after closing the previous session at $21.896. The PGMs are finally digesting the news that the AMCU has reached a deal with Amplats over the retrenchment of some 3,300 workers. The world’s #1 platinum producer has agreed to provide voluntary separation packages to those who would have otherwise been let go. Miners began returning to work today. Platinum is softer by 2% to start the day and now trades $1368 after closing the previous session at $1396. Consumer sentiment data from the University of Michigan will be released in a few minutes but given the recent domestic woes, it’s hard to believe consumers are all that happy. Have a great weekend!

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