Mid-Day Gold & Silver Market Report – 4/16/2012
GOLD TAKING CUE FROM DOLLAR; GOLD HELPING WITH JOBS?
Wall Street opened strong as banks are showing improvement. U.S. retail sales also helped the market’s upswing. Eighty-six S&P 500 companies are set to report their first-quarter results this week, which likely will set the tone for the near future. As of Friday, 32 companies had given their reports, and 75 percent of them came in stronger than expected. As the dollar has recovered from early struggles, the Gold price has moved down slightly since morning trading.
The World Bank will name its next president today. For the first time in its existence, there is competition for the top spot. For more than 60 years, the post has been held by an American. With global complaints about the U.S. monopoly on the position on the rise, developing countries have nominated Nigerian Finance Minister Ngozi Okonjo-Iweala to challenge for the presidency. Emerging economies are seen as very important to the global economic recovery, and many countries seem to be rallying behind Okonjo-Iweala to take a stronger position in international dealings.
While Gold serves as a safe-haven investment for sectors ranging from individual investors to central banks, it may also be helping in an area that is a key to economic recovery: jobs. The Colorado School of Mines has a 94 percent employability rate for its 2011 graduates. Starting salaries are in the mid-$60,000 range, which is significantly higher than the average starting pay for other college graduates. In the 1990s, Gold averaged $350 per ounce; now, the price is more than $1,600, and with that comes an overflow of opportunity for the next generation’s precious metals work force.
At noon (CDT), the APMEX precious metals spot prices were:
- Gold – $1,651.20 – Down $9.40.
- Silver - $31.45 – Even.
- Platinum - $1,576.50 – Down $10.40.
- Palladium - $652.30 – Up $4.00.
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