GOLD REMAINS RANGE-BOUND DESPITE POSITIVE JOBS DATA
Gold has moved back to even today as another week of better-than-expected unemployment data was unable to keep the yellow metal down. Present confidence in the U.S. economy’s momentum has increased the appetite for riskier assets. However, long-term investors should not shy away from Precious Metals as many experts view the current price range and continuation of government stimulus measures as a springboard to higher prices in the years to come. Phil Storer, director of trading at Dillion Gage Inc, said, “We are living in what could be a new and therefore frightening era that will generate much greater interest in the precious metals than we’ve seen so far.”
As jobless claims dropped unexpectedly last week, the Standard & Poor’s 500 is climbing toward its record high set in October 2007. The recent rallies in both the S&P 500 and Dow Jones Industrial Average are being stimulated by strong earnings data among U.S. corporations and the Federal Reserve’s monetary easing policy. As many financial analysts assert that the majority of Gold and Silver sellers “ran out” when the prices hit $1,560 and $28.50, many investors believe now is an excellent time to buy as the metals appear to be holding within a discounted price range.
At 1:10 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,592.00, Up $1.60.
- Silver, $28.87, Down $0.15.
- Platinum, $1,592.80, Down $2.30.
- Palladium, $769.00, Down $1.30.
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