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Morning Gold & Silver Market Report – 5/1/2012

ECONOMIC DATA IN FOCUS; ECONOMIST BLASTS FEDERAL RESERVE  

All eyes are on economic data today. As investors await the reports, the dollar is down, so Gold and Silver prices are on the upswing.  A key U.S.A. manufacturing index is set for release at 10 a.m. (EDT), and economists expect a slight drop to 53.3 percent. A reading above 50% generally indicates growth in the manufacturing sector. David Morrison of GFT said the stock market has priced in additional economic stimulus, but he warns, “The only problem is, we now have to wait six weeks for the next (Federal Open Market Committee) meeting.”

Federal Reserve policymakers have come under attack by renowned economist Paul Krugman. He said, “The reckless thing is to allow mass unemployment to continue. We have had a massive failure of our political system that has come to accept that 8 percent unemployment is the new normal and there is nothing that can be done. We’re in a low-key version of the Great Depression.

The dominoes continue to fall in Greece, as that country is feeling another pain in the economic troubles it has experienced: the economic migration of the country’s young, bright workers. Lois Labrianidis, professor of economic geography at the University of Macedonia in Northern Greece, said, “We are not producing high-value products. … That’s why these graduates are looking for better jobs abroad. The crisis has acerbated a phenomenon which has been here for a long time.”

At 9 a.m. (EDT), the APMEX precious metals spot prices were:

  • Gold – $1,670.60 – Up $5.40.
  • Silver - $31.23 – Up $0.21.
  • Platinum – $1,568.50 – Down $3.40.
  • Palladium - $682.50 – Down $0.90.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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