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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