Mid-Day Gold & Silver Market – 11/5/2013
INVESTORS WATCH EUROPEAN BANK, U.S. JOBS REPORT
Precious Metal prices are trading lower through midday. The strengthening U.S. dollar has many investors focused on the European Central Bank rate decision Thursday and the U.S. jobs numbers to be released Friday. Mark O’Byrne, executive director at GoldCore, said, “The ECB is expected to keep rates on hold but may indicate that it will reduce rates soon which would be Gold supportive.” He added that “a poor jobs number Friday could see Gold rise on safe-haven buying due to concerns about the struggling U.S. economy.”
With so much attention on the Federal Reserve and the ECB, U.S. stocks haven’t shown much movement. Patrick Kaser, managing director and portfolio manager at Brandywine Global Investment Management in Philadelphia, said, “A lot of people are nervous by how strong the market has been this year. There is still skepticism about how the economy is really doing and whether these gains are from artificial factors, like the Fed, or from real strength in company results.”
At 3:30 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,312.40, Down $4.30.
- Silver, $21.74, Down $0.01.
- Platinum, $1,453.00, Down $4.20.
- Palladium, $751.10, Up $0.60.
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