Morning Gold & Silver Market Report – 1/7/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,368.10
- Silver price - $28.80
- Platinum price - $1,737.70
- Palladium price - $753.60
COMMENTARY:Precious metal prices are already rebounding off their morning lows. The Labor Department’s nonfarm jobs report for new jobs created in December was released, and there is disappointment in the air. 103,000 jobs were created in December, below most economists’ expectations of 175,000 – 200,000. The optimism had been high after the ADP released a report on Wednesday showing private-sector job increases of 297,000. The unemployment rate fell 0.4%, however, after expectations of it remaining flat at 9.8%. The Federal Reserve will likely be going through with its $600 billion bond-buying plan after the optimism this week brought about calls to scale it back.
In international precious metals news, China has estimated its gold output for 2010 at a record 340 tonnes, compared to 313.98 tonnes in 2009 (an increase of more than 8 percent). Since 2004, China has raised its gold production every year. This trend will put pressure on gold prices to go up as it clearly indicates China’s intention to increase their gold reserves..
Gold spot price is currently down only $3.50 – Silver spot is down 20 cents – Platinum spot price has rebounded all the way to up $4.20 – Palladium spot price is off $7.90