Mid-Day Gold & Silver Market Report – 3/8/2013
GOLD BACK TO EVEN FOLLOWING MORNING SELL-OFF
After an initial price dip this morning, Gold has recovered ground lost to a reactionary sell-off triggered by strong non-farm payroll data. “The market interpreted today’s jobs data as being bearish for Gold, and the metal initially sold off as expected,” Gold Newsletter Editor Brien Lundin said. “But the downturn failed to gain momentum, and this indicates that the selling has been exhausted.” The lower overall Gold price in 2013 has created a strong buying opportunity for both central banks and individual investors.
As the jobless rate has improved to a four-year low, investors who are optimistic about the economic future have helped boost stock prices. However, the 236,000 additional jobs is still below the target of 250,000 new hires that economic experts say are needed on a prolonged basis to improve the current unemployment rate. Quantitative easing has been activated in an effort to stimulate the lagging economy until significantly lower unemployment is realized. The Federal Reserve is currently making monthly bond purchases of $85 billion which have caused many economists to predict further weakening of the dollar. Historically, the printing of money and inflationary concerns have had very positive effects for Gold.
At 1:00 pm (EST), the APMEX precious metals spot prices were:
- Gold, $1578.70, Up $1.60.
- Silver, $29.04 Up $0.19.
- Platinum, $1600.50, Up $3.40.
- Palladium, $786.70, Up $28.70.
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