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Morning Gold & Silver Market Report – 12/5/2013

POSITIVE DATA ERASES GOLD’S GAIN

Precious Metals and U.S. stock futures dropped after economic data was released Thursday. The U.S. jobless claims report showed that 23,000 fewer people filed new unemployment claims, though there was a caveat that the number may be skewed based on difficulties with seasonal adjustments. A revision to third-quarter U.S. gross domestic product also brought upbeat news, as it showed 3.6 percent growth, up from 2.8 percent reported one month ago. Investors have been eyeing economic data releases for clues as to when the U.S. Federal Reserve may begin to taper its quantitative easing program, with positive reports leading many to believe that it could happen as soon as the Fed’s December 17-18 policy meeting.

Tomorrow’s release of the ADP nonfarm payrolls report is being looked at as a big indicator of future Fed plans. ANZ analyst Victor Thianpiriya said, “The markets are still positioned quite short. There is going to be a bigger reaction to a weaker-than-expected nonfarm payrolls report than to stronger-than-expected numbers. If it’s a strong report, it would just give the existing shorts a bit more validation and we could see prices go back to $1,220 [per ounce].”

At 9:07 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,223.70, Down $25.90.
  • Silver, $19.29, Down $0.59.
  • Platinum, $1,362.70, Down $15.30.
  • Palladium, $728.40, Down $0.90.

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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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