Closing Gold & Silver Market Report 4/9/2012
CRUDE OIL PRICES DOWN; SYRIA’S PEACE PLAN IS VOID
Gold held on to its gains for the day after unsatisfactory U.S. jobs data was released Friday. Many investors are predicting the data may lead to more U.S. economic stimulus measures. “In the next few months, the market will not only begin to price in the Fed’s sustained policy but will price in for further monetary action,” said James Dailey, portfolio manager of the TEAM Asset Strategy Fund.
Crude oil prices fell with a possible decline in U.S. fuel demand along with Iran’s decision to start talks on its nuclear programs again. “Friday’s poor jobs numbers are raising concerns with regard to future economic activity,” said Stephen Schork, president of the Schork Group in Villanova, Pa. “The jobs number is having an exaggerated impact because we were closed on Friday. When you add the upcoming Iran talks, you have the makings of a big move lower.”
In Syria, 35 people were reported dead the day before an army withdrawal is set to begin. The agreed-upon date to pull out troops was April 10, and a negotiating period was to begin 48 hours later. “April 10 has become void,” Turkish Deputy Foreign Minister Naci Koru said in Ankara, referring to the deadline. Russian Deputy Foreign Minister Gennady Gatilov said, “Attempts to force a solution on Syria from outside will lead only to an escalation of tension. Everything must follow from respect for Syria’s sovereignty, and violence must be stopped.”
At 4:16 p.m. (CDT), the APMEX precious metals spot prices were:
- Gold - $1,642.50 – Up $11.90.
- Silver - $31.62 – Down $0.18.
- Platinum - $1,614.00 – Up $7.40.
- Palladium - $643.60 – Down $2.20.
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