COMMENTARY: Gold and silver are starting to rise this morning amid a number of news stories and data. Spain today, like Portugal yesterday, had what was considered to be a successful bond auction, which has driven up the euro versus the dollar. The dollar is also falling because of data released this morning: A larger-than-expected spike in jobless claims point to the labor market still being in a rut amid other signs of an improving economy. Platinum and palladium continue their upward trend due to increasing industrial demand and optimism from the automobile industry. Also, scientists have developed a new type of damage-tolerant metallic glass that uses palladium and is said to be “tough as steel.” This is creating a decent amount of buzz and will have an impact on palladium demand.
Gold spot price is up $6.70 on the day – Silver is up 22 cents – Platinum is up $29.00 – Palladium is up $15.90.
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