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Mid-Day Gold & Silver Market Report – 6/5/2013

GOLD UP, STOCKS DOWN ON POOR JOBS DATA

Precious Metals prices have risen slightly in Wednesday morning trading as private-sector employment numbers disappointed just before the release of Friday’s nonfarm payroll data. Investors concerned about the future of monetary stimulus measures in the U.S. will be intently awaiting the outcome of this information as a sign of the Federal Reserve’s possible intentions regarding quantitative easing (QE). “As the unemployment rate has been explicitly tied into quantitative easing, there has been a direct correlation between the non-farm payrolls and what happens to the Gold price,” Mitsubishi analyst Jonathan Butler said. 

As Gold and Silver experienced a mild boost, weak information from jobs and factory reports pulled down stocks, leaving the S&P 500 at its lowest level in one month. The present market climate continues to revolve around the future evolution of the Federal Reserve spending policy. The rapid ascension of equities since the beginning of 2013 has been stimulated by the $85 billion in monthly asset purchases by the Fed. “Market sentiment right now is pretty skittish,” Colleen Supran, a principal at Bingham, Osborn & Scarborough, said. “Certainly, we want to be able to get to a point where we have a U.S. economy that can stand on its own without the Fed intervention.” Gold bugs and stock speculators alike will continue to eye economic factors that could influence Fed officials to prolong or taper QE.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1405.00, Up $5.80.
  • Silver, $22.67, Up $0.16.
  • Platinum, $1512.10, Up $19.50.
  • Palladium, $756.70, Up $5.70.

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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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