JOBLESS CLAIMS AT HIGHEST LEVEL IN 18 MONTHS
Precious Metals and U.S. stock futures are trading lower across the board as the jobless claims report showed a jump to levels not seen in 18 months. Hurricane Sandy is being blamed for the jump in claims. The unemployment rate also rose slightly to 7.9 percent. The next big report on investors’ minds is the second estimate for third-quarter growth, to be released on November 29.
Gold’s safe-haven appeal could spur buying from investors who are worried about the fiscal cliff and tensions in the Middle East. Marcus Grubb of the World Gold Council said, “Against a backdrop of continued global economic uncertainty and elections in China and the U.S., it is clear from five-year rising demand trends that Gold’s fundamental property as a vehicle for capital preservation continues to endure.” Israeli strikes against the Gaza Strip have caused some nerves to heighten, and a Gold dealer in Hong Kong said, “I think sentiment is still bullish because of the tension in the Middle East and also the fiscal cliff. I think the market is looking to touch $1,750, while the downside is $1,720. I don’t think we’re going to break $1,700, unless of course there’s a strong rally in the dollar.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,725.50, Down $6.60.
- Silver, $32.73, Down $0.22.
- Platinum, $1,576.20, Down $15.40.
- Palladium, $640.10, Down $2.50.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.