Morning Gold & Silver Market Report – 6/7/2013
JOBS REPORT ADDS ANOTHER PIECE TO THE PUZZLE
Precious Metals prices initially added to losses after the release of the monthly jobs report, but experienced some choppy trading afterwards as investors had time to process the information. The report showed the addition of 175,000 jobs in the private sector in May, though the unemployment rate jumped to 7.6 percent. With many economists calling for the tapering of the Federal Reserve’s quantitative easing, this data simply adds another piece to the puzzle.
Philadelphia Fed President Charles Plosser told reporters that the markets have overreacted with talk of tapering quantitative easing. He said, “Since I don’t know what the outcome is going to be, the markets seem to take this very seriously at some level which I think is probably a mistake. We have to be careful not to allow ourselves to be whipsawed by market views of what the outcomes are going to be for them. We shouldn't be thinking we can't do this because the markets would back up.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,396.30, Down $21.50.
- Silver, $22.28, Down $0.54.
- Platinum, $1,505.70, Down $25.10.
- Palladium, $759.00, Down $3.40.