Morning Gold & Silver Market Report – 4/12/2012
JOBLESS CLAIMS REPORT REVERSES TRENDS
In early morning trading, Gold and Silver were down about 0.5 percent, U.S. stock futures were up modestly, and the euro was holding a mild gain on the U.S. dollar. After the release of the weekly jobless claims report, all of that changed. Gold and Silver either trimmed or recovered from their losses, U.S. stock futures have given up gains, and the dollar lost further ground on the euro. The report showed that requests for benefits increased by 13,000 last week, and claims from two weeks ago were revised upward by 10,000.
Though recent economic data has been mostly positive regarding the U.S. economy, New York Federal Reserve Bank President William Dudley said it’s too early to say the country is out of danger. The possibility of more economic stimulus from the Fed remains, and Dudley said data also “looked brighter at this point in 2010 and again in 2011, only to fade later in those years.”
Fighting in Syria has reportedly stopped. A cease-fire went into effect early Thursday, though some aren’t convinced that it will stand, citing a qualification that the regime of Bashar al-Assad reserves the right to “respond to any attack.” U.S. Ambassador to the United Nations Susan Rice said, “The burden remains squarely on the Syrian regime and not the opposition … to meet its obligations in full and visibly under the (Arab League envoy Kofi) Annan plan. The caveats in the letter are worrying and yet again cast into doubt the credibility of any such commitments, but nothing casts more doubt on the credibility of the commitments than the fact that commitments have been made and made and made, and broken and broken and broken.”
At 8 a.m. (CDT), the APMEX precious metals spot prices were:
- Gold – $1,656.20 – Down $4.60.
- Silver - $31.64 – Up $0.06.
- Platinum - $1,587.00 – Up $3.70.
- Palladium - $641.80 – Up $4.20.
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