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Closing Gold & Silver Market Report – 5/4/2012

PRECIOUS METALS RISE AS OIL AND JOBS DATA DISAPPOINT

Precious metals are up in afternoon trading. Gold in particular is up after the rather disappointing non-farm payroll report was released. The weaker economy spurs thoughts of possible quantitative easing being back on the table. Fed Chairman Ben Bernanke "had said QE3 is going to be dependent on the incoming data. Next time when he speaks he's going to reemphasize that the Fed is willing to do more," said Axel Merk. He also added, “That's one of key reason why gold is up because we have had a very long period of consolidation.”

The disappointing jobs data actually had a double edged impact today, as unemployment actually dropped, but not very many jobs were actually added. Oil dropped to less than $100 a barrel for the first time since February. “We have broken through key technical levels here after a disappointing employment report and the PMI number from Europe which suggest that the recovery is stalling and could affect energy consumption," said Gene McGillian.

The stock markets also experienced their worst week of 2012 on the jobs data news as well. This is the third day of losses within the stock market in a row. “The data point to sluggish job growth, declining labor market participation and for those employed, stagnant purchasing power,” Mohamed El-Erian, the chief executive officer of Pacific Investment Management Co., said in an e-mail today. “Consumption is less dynamic at a time when headwinds from Europe and a potential fiscal cliff are still material.”

At 5:15 p.m. (EDT) – the APMEX precious metals spot prices were:

  • Gold - $1,644.10 – Up $8.30.
  • Silver - $30.34 – Up $0.31.
  • Platinum - $1,526.90 – Down $7.20.
  • Palladium - $651.30 – Down $11.10.

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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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