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Morning Gold & Silver Market Report – 6/5/2013

WEAK JOB REPORT SUPPORTS GOLD

Gold prices have started the morning up on the report of weaker than anticipated job growth in the month of May. The report showed 30,000 less new jobs created last month than was expected. The report will be taken as an indication that the economy in the United States is slowing and gives cause for the U.S. Federal Reserve to continue its monetary easing program. “As far as the tapering debate goes, the report does nothing to bolster expectations that the Fed will ease its foot off the pedal over the summer,” Andrew Wilkinson, chief market economist at Miller Tabak, said. The continuance of easing has previously supported the cost of Gold, a trend supported by today’s rise in prices.

Today, Japan announced a third round of aggressive monetary easing to assist the country’s economic woes. The main focus of the easing is to raise the income in the country and to draw in foreign investors to the region. However, the plan, which is being driven by Japan's Prime Minister Shinzo Abe, has been viewed with skepticism. “Every prime minister in the last 20 years has had an economic growth plan, the key is implementation. Either you make some progress in the next 6-12 months, or people realize it is just another bunch of hollow promises,” Bank of Singapore's chief economist Richard Jerram said. 

At 8 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1404.00, Up $4.80.
  • Silver, $22.65, Up $0.15.
  • Platinum, $1506.80, Up $14.40.
  • Palladium, $752.30, Up $1.20.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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