METALS FALL AS UNEMPLOYMENT RATE UNEXPECTEDLY DROPS
Precious Metals added to early losses after the release of the Labor Department’s nonfarm payrolls report. The addition of jobs in September was disappointing, but the unemployment rate fell by 0.3 percent to 7.8 percent, which is the lowest level since January 2009. Since the newest round of quantitative easing by the Fed is expected to continue until jobs numbers improve, reports such as this one will carry more weight than they may have previously.
Spain is drawing attention by not formally requesting a bailout that seemingly every expert agrees the country needs. Spanish Economy Minister Luis de Guindos actually drew laughter from a crowd when he claimed that Spain did not need a bailout recently. Henrik Drusebjerg of Nordea Bank said, “I think it could really hurt American portfolios … They can play this game much longer than Greece could. They could really hurt Europe, and Europe as a total is bigger than the U.S. economy. Spain holds the potential to hurt global growth really bad and that will hurt investors.”
At 9 a.m. (EDT), the APMEX Precious Metals prices were:
- Gold, $1,784.60, Down $10.80.
- Silver, $34.86, Down $0.24.
- Platinum, $1,712.50, Down $9.60.
- Palladium, $668.30, Down $7.50.
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