Morning Gold & Silver Report – 2/4/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,356.00
- Silver price – $29.13
- Platinum price - $1,844.30
- Palladium price – $817.00
COMMENTARY: Economists had anticipated an increase of 145,000 in non-farm payrolls, but today's report just came out with a disappointing number of only 36,000. The overall unemployment rate somehow still dropped to 9%, but it is unlikely this will alter the Fed’s plan to continue with the $600 billion QE2 program. In a statement yesterday, the Fed Chairman stated that he still expects it to take several years before unemployment rates return to a more normal level.
In Egypt, last night’s fighting has given way to a more peaceful mass protest, as protestors gather once again in Cairo’s Tahrir Square. Many observers see today as a turning point testing the resolve of both President Mubarak and the protestors. It is a volatile situation, that is being monitored worldwide.
Precious metal prices dipped on the jobs report news, but they are already rebounding. Gold spot price is currently up $2.50 – Silver price is up 34 cents – Platinum price is up 20 cents – Palladium price is down $5.50