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Morning Gold & Silver Market Report – 9/6/2013

MARKETS JUMP ON WEAK JOBS REPORT

Stock futures are trading higher this morning in spite of a weak government jobs report. Analysts and investors had eagerly awaited the data as this viewing this month’s report as a key indicator of whether or not the Federal Reserve will begin to slow the current pace of monthly asset purchases. Economists’ predictions the payroll numbers from August to uphold the three-month average fell short, and it is unclear if the numbers will provide further incentive for Fed policymakers to begin narrowing the scale of monetary easing. Bank of America Merrill Lynch said on Friday that a good showing in the jobs figures would prompt the Federal Open Market Committee “to reduce the pace of monthly purchases to $70 billion from the current $85 billion rate, with $35 billion per month in purchases of Treasuries and $35 billion per month in agency mortgage-backed securities.”

Precious Metals prices are sharply higher this morning as Gold bounced from a two-week low. The yellow metal is set to finish the week lower after a combination of Fed tapering fears and stalled momentum regarding the Syrian conflict continue to be the prime motivators of price action. “At the moment it is Syria versus quantitative-easing tapering and this is what is driving the market,” David Govett, head of Precious Metals at Marex Spectron Group in London, said. “This afternoon sees the release of non-farm payrolls in the U.S. and everything really hinges on this.”

At 9:40 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,385.70, Up $10.70.
  • Silver, $23.86, Up $0.59.
  • Platinum, $1,501.90, Up $18.80.
  • Palladium, $695.80, Up $9.60.

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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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