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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