Closing Gold & Silver Market Report, 6/1/2012
GOLD PRICE UP MORE THAN $75 FROM FRIDAY MORNING LOW
Gold prices slipped below $1,550 in early morning trading before closing Friday around $1,625. The dismal American jobs report sank stocks around the globe, while Gold again became a safe haven for nervous investors. Gold was up 4 percent on the day. It began the day in negative territory.
Is it possible that the weak job growth in the United States will threaten the world economy? When you add this to what is going on in Europe and the Chinese factory production going into neutral, there is cause for concern. “It certainly suggests that perhaps the softness in Europe is either influencing the U.S., or that the U.S. recovery may not be strong enough to overcome the softness in Europe,” said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.
Gold and Silver prices had been sinking in the past month because the dollar’s value had risen in relation to the European euro. Friday’s jobs report could verify what many analysts had already indicated. The dollar is simply the least wilted rose in the vase. U.S.A. Treasury bonds are paying all time lows, and the spread between five and 10 year notes is at all time highs. There are many who feel that Gold will become the safe haven status quo, and Friday’s price rise is just a beginning.
Have a great weekend!
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,627.10, up $63.40.
- Silver, $28.75, up $0.91.
- Platinum, $1,447.60, up $28.00.
- Palladium, $613.00, down $0.90.
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