GOLD NEAR 11 MONTH HIGH AFTER REPORTS
The Gold price is nearing an 11 month high this morning, supported by an overall lackluster feeling from investors regarding the global economy. Gains increased after the release of the ADP jobs report, which, including reductions in previous months’ estimates, showed a net increase of 133,000 jobs, well below expectations of 153,000. Federal Reserve officials have recently announced that until jobs numbers improve, QE3 will continue. Tom Kendall of Credit Suisse said, “We’ve seen intra-day moves triggered by the ADP numbers before, so it wouldn’t be a surprise if there was a bit of intra-day volatility around that number. To get this market over $1,800 and trending higher again, what we need to see is greater participation in places like India on the buy-side.”
Another key economic report, this time in the eurozone, left investors disappointed. The eurozone purchasing managers index (PMI), a gauge of economic growth, fell in September. Chris Williamson, chief economist from Markit, said, “Rather than clearing, the cloud of uncertainty hanging over business investment and spending got notably darker in September. There therefore seems little scope for a return to growth in the fourth quarter.” Many analysts are predicting this also points to a likely recession for the eurozone.
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,779.30, Up $4.70.
- Silver, $34.76, Up $0.09.
- Platinum, $1,686.60, Up $2.40.
- Palladium, $653.10, Down $2.10.
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