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Mid-Day Gold & Silver Market Report – 4/3/2014

GOLD PRICES DIP ON EUROPEAN CENTRAL BANK DECISION

As widely expected, the European Central Bank (ECB) chose to leave interest rates unchanged despite growing deflationary concerns in the eurozone. ECB President Mario Draghi said in a news conference Thursday that “there was ample and rich discussion” of all measures that could be taken, including quantitative easing, if the outlook further deteriorates. These comments drove the euro down and the U.S. dollar up on the expectation that sooner or later the ECB will take on further measures.

Much attention will be paid to Friday’s jobs report, and the overall expectation is for a continued slow positive trend. However, this does omit a negative and underreported trend. New research from Alan Krueger, the former chairman of President Barack Obama’s Council of Economic Advisers, found that the long-term unemployed experienced a much more challenging path back to meaningful employment. Not only does discouragement decrease the intensity of the job search over time, this report offers evidence that companies have a bias against the long-term unemployed. “This is a key reason no one should feel a steady-as-you-go recovery is good enough to not require more job-creating policies,” former National Economic Council director Gene Sperling said. “This form of unemployment has its own perverse dynamic, and public policy should be trying to prevent devastating, negative cycles that gain momentum if left alone.”

At 12:31 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,288.10, Down $4.20.
  • Silver, $19.88, Down $0.22.
  • Platinum, $1,441.50, Up $2.80.
  • Palladium, $789.00, Up $1.20.

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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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