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Rally of Gold & Silver Turns Out to Be Short-Lived

October 8, 2013 at 2:34 by Vladimir Vyun

Gold and silver rallied yesterday as traders were speculating about possible outcome of the US budget standoff. The metals halted their rally today.

The Republicans still demand from President Barack Obama to postpone his healthcare reform. Obama refused, saying:

We’re not going to negotiate under the threat of economic catastrophe.

If politicians will not reach an agreement and raise the debt ceiling by October 17, the United States will face a technical default.

Silver gained on gold yesterday as its rally was stronger. Yet its decline today was also bigger.

December futures for gold were virtually unchanged at $1,325.1 per troy ounce on COMEX today after yesterday’s rally. Silver was down $0.1 (0.45 percent) to $22.29 per ounce following the 2.9 percent jump.

If you have any questions and comments on the commodities today, use the form below to reply.

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