GOLD MOVES UP ON JOBLESS CLAIMS
This morning all eyes are focused on the United States jobless claims report. While the claims did move up, the move was not as much as anticipated. Analysts had expected a rise of about 10,000 claims; in reality it was closer to 2,000 claims. This report lends cause for the U.S. Federal Reserve to keep pushing forward with its monetary easing plans. “Gold is positively reacting to the Fed saying that quantitative easing will not end any time soon and there is also uncertainty of what is going on in Cyprus,” Saxo Bank senior manager Ole Hansen said. Gold has reacted positively when easing is in play and today is no different.
In Europe, the tiny island nation of Cyprus has been dominating the headlines. The European Central Bank offered a bailout deal to assist the struggling country, but the Cyprian government voted against it. The central bank is currently lending emergency funds to Cyprus to help keep its economy afloat, but they seem to have had enough and are demanding action. “The Governing Council of the European Central Bank decided to maintain the current level of Emergency Liquidity Assistance (ELA) until Monday, 25 March 2013. Thereafter, ELA could only be considered if an EU/IMF program is in place that would ensure the solvency of the concerned banks,” the ECB said in a statement on Thursday as the Council met in Frankfurt. Without the funding from the ECB, Cyprus will certainly be in default and run the risk of being ousted from the European Union all together.
At 9:00 am (EDT), the APMEX precious metals spot prices were:
- Gold, $1616.80, Up $6.70.
- Silver, $29.30, Up $0.42.
- Platinum, $1588.50, Up $4.00.
- Palladium, $764.70, Up $7.50.
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