PLATINUM, PALLADIUM IMPROVE WITH STRIKE; EUROPE SUPPORTS GREECE
Precious Metals prices are steady following a declining U.S. dollar. The U.S. non-farm payrolls report will be released Friday and is expected to show an additional 125,000 new jobs last month. “An increase in unemployment is a reason to be positive on the Gold price because we would see a greater possibility of further monetary expansion,” Deutsche Bank analyst Daniel Brebner said. Analysts at ScotiaMocatta foresee Gold to find support at $1,693 with resistance at $1,722. Platinum and Palladium prices are increasing as a violent strike occurred at a major South African Platinum mine. The workers are protesting against a set wages structured by a union-brokered deal. “If this situation worsens, Platinum group metals prices could move higher,” Mitsubishi analyst Matthew Turner said.
The focus for France and Germany is to rescue Greece with a bailout that will prevent the nation from leaving the euro. French Finance Minister Pierre Moscovici wants to end the uncertainty the market and Greek citizens have regarding the financial situation that has not been contained. “I just want to underline that we continue to seek a comprehensive solution during the month of November, to end the uncertainty,” Moscovici said. “And we will marshal all of our forces for that.” Germany and France are equally determined “that Greece stays in the euro zone, and that Greece makes the necessary efforts to ensure the integrity of the eurozone.”
At 12 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,712.80, Up $3.60.
- Silver, $31.90, Up $0.13.
- Platinum, $1,546.50, Up $15.10.
- Palladium, $597.20, Up $6.50.
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