SILVER GAINING TRACTION AS INVESTMENT ASSET
All eyes were on the jobs report this morning, with expectations of just 80,000 to 93,000 jobs added in November. When the report came out, it showed that 146,000 jobs had been added and the unemployment rate dropped .2 percent down to 7.7 percent. Hurricane Sandy was expected to have more of a negative impact on the report, but the Labor Department said that next month’s report could show its effects more accurately. The U.S. dollar and U.S. stock futures gained after the release, while Precious Metals fell.
Myra Saefong of MarketWatch.com stated that Silver is being viewed more and more as an investment asset. Gijsbert Groenewegen of Silver Arrow Capital Management said that both Silver and Gold are “the ultimate currencies. They don’t have counter-party risk and can’t be manipulated by the politicians and printed ad infinitum by writing a nominal value on a piece of paper in order to give it value by decree.” In speaking of the differences between the two metals, Steven Kaplan of TrueContrarian.com said, “Silver usually climbs about twice as much as the price of Gold during uptrends, and declines by about twice as much during downtrends. Silver is for investors who are willing to take about twice the amount of risk as Gold investors.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,699.60, Down $2.20.
- Silver, $33.01, Down $0.08.
- Platinum, $1,604.40, Up $2.70.
- Palladium, $698.80, Up $1.70.
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