Mid-Day Gold & Silver Market Report – 11/2/2012
JOBS DATA PUSHES GOLD DOWN — NOT ENOUGH TO BUOY STOCKS
Gold has fallen drastically today as the dollar made gains following better-than-expected reports on nonfarm payroll data. Today’s price dip could be the largest single-day drop since late August. The metal is now trading around pre-QE3 levels on another positive jobs report. Brien Lundin, editor of Gold Newsletter explained, “With the uncertainty of the presidential election looming, Gold needed a very bad employment number — something sour enough to cause the [U.S. Federal Reserve] to ramp up its [quantitative-easing] operations.”
Next week’s presidential election appears to be one of the closest races in recent history. Analysts predict an Obama win to be slightly bullish for Gold and a Romney victory to be somewhat bearish for the metal. Along with Precious Metals, the stock market is also down today despite encouraging jobs data. “With the election next week, and the outcome of that still so uncertain, some modest downward pressure is to be expected for the rest of the day,” said Todd Schoenberger, managing principal at BlackBay Group.
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,680.00, Down $36.50.
- Silver, $31.05, Down $1.23.
- Platinum, $1,544.20, Down $26.50.
- Palladium, $600.70, Down $12.80.
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