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Morning Gold & Silver Market Report – 12/6/2013

ENCOURAGING JOBS REPORT COULD LEAD TO TAPERING

The U.S. Department of Labor said Friday that the economy generated 203,000 jobs in November, which was higher than the 180,000 that were forecast. They also announced the unemployment rate had fallen to 7 percent, down from 7.3 percent. U.S. Federal Reserve officials have said recently that 6.5 percent is the target unemployment rate they want to achieve before more tightening of monetary policy. U.S. stocks rallied on the news and are looking to end a 5-day losing streak.

The Gold price is trading relatively flat this morning. While noting that bond-buying pullback by the Federal Reserve is generally seen as bullish for Gold, Credit Suisse analyst Tom Kendall said, “Whether the Fed votes to begin tapering in December or January, the recent data has been fairly encouraging. The economy continues to move in the right direction.”

At 9:41 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,235.40, Up $1.10.
  • Silver, $19.63, Up $0.01.
  • Platinum, $1,361.20, Down $4.30.
  • Palladium, $738.60, Up $1.80.

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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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