Government Shutdown: Gold and Silver Recover Losses
On Wednesday, gold (NYSEARCA:GLD) futures for December — the most active contract — jumped $34.60 to close at $1,320.70 per ounce, while silver (NYSEARCA:SLV) futures surged 72 cents to finish at $21.90.
Although precious metals fell sharply when the U.S. Government started its partial shutdown, gold and silver both recovered as little progress has been made so far between Republicans and Democrats.
Congress, divided over Obamacare, was unable to pass a continuing resolution earlier in the week that would keep the government funded through the start of the new fiscal year. As a result, any agencies that needed appropriations are now without funding and can not legally operate with the exception of those duties that are considered necessary to protect life and property.