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Morning Gold & Silver Market Report – 5/2/2012

JOB CREATION WEAKER THAN EXPECTED; CHINA DEMANDS APOLOGY     

Precious metals have remained relatively steady in overnight trading. Stock markets are down on less-than-stellar jobs data. A popular topic among investors is the steadiness that precious metals prices have had over the past few days and weeks. One metals strategist said, “Gold will probably be sitting in limbo for a few more days. … It is rather inversely sensitive to positive numbers, as evidenced by the ISM number overnight.” A metals dealer in Hong Kong said, “Investors are standing on the sidelines of the market, waiting for the uncertainty around the U.S. economy, eurozone and QE3 (third round of quantitative easing by the Fed) to clear up.”

China is clearly upset about the United States’ handling of a Chinese dissident, having allowed him to stay in the American Embassy for at least six days. How this plays out during meetings over the next couple of days is anyone’s guess. While Secretary of State Hillary Clinton said, “I am pleased that we were able to facilitate Chen Guangcheng’s stay and departure from the U.S. Embassy in a way that reflected his choices and our values.” But the Chinese government was quite angry, saying, “The U.S. method was interference in Chinese domestic affairs, and this is totally unacceptable to China. China demands that the United States apologize over this, thoroughly investigate this incident, punish those who are responsible, and give assurances that such incidents will not recur.”

Most economists had expected 170,000 new jobs would be reported for April, but according to ADP data released this morning, only 119,000 jobs actually were added. Many economists said the warmer winter affected job additions during the last few months. Economic adviser Joel Prakken said, “There is some evidence that unusually warm weather boosted employment during the winter months, with a ‘payback’ now coming due.”

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

  • Gold - $1,655.30 – Down $8.10.
  • Silver - $30.56 – Down $0.38.
  • Platinum - $1,563.50 – Down $8.50.
  • Palladium - $674.00 – Down $8.10.

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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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