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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