Morning Gold & Silver Market Report – 10/11/2012
SPAIN’S CREDIT NEAR JUNK; U.S. JOBLESS CLAIMS DOWN
As Spain’s credit worthiness nears junk status, the euro found some life and steadied, holding Gold’s price in the upper $1,700’s. Spain is the eurozone’s fourth largest economy, and it is now carrying a credit rating of BBB- according to Standard & Poor’s. Though the downgrade had little effect on U.S. futures markets such as oil, the Dow, S&P and Nasdaq indexes rose in overnight trading. The news for Spain is less than positive as it seems that the credit agencies are forcing the Spanish government into a corner with these economic hurdles.
Weekly jobless claims fell to levels we haven’t seen in four years, with the number of jobless Americans seeking aid falling to 339,000 last week. Other domestic economic news isn’t as positive, however, as the U.S. trade deficit widened in August. This tells us the world economy is slowing down and cutting its demand for U.S. goods.
- Gold, $1767.60, Up $3.00.
- Silver, $34.14, Up $0.04.
- Platinum, $1685.20, Up $9.70.
- Palladium, $650.60, Down $0.30.
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