Morning Gold & Silver Market Report – 4/14/2011
JOBLESS CLAIMS RISE – INFLATION FEARS GROW – New jobless claims unexpectedly rose last week rising once again above the 400,000 level. Economist polled by Reuters projected claims to fall to 380,000. The four week moving average, which is considered the best measurement, went up 5,500 to 395,750. Inflation fears grow as US core prices rose faster than projected in March, and the increase from one year ago was the largest since August of 2009.
The US Senate investigation panel, probing the actions of Goldman Sachs during the mortgage crisis, refers to them as disgraceful. The Senate subcommittee has accused Goldman Sachs of selling low quality mortgage securities that they had placed bets against. Goldman has already been fined $550 million. The two-year investigation recently introduced new documents indicating Goldman conducted transactions without the required full disclosure. Goldman Sachs disputes the accuracy of these documents.
Greek bond yields are soaring which indicates a greater chance that they will be forced to restructure their massive debt. European Central Bank Executive Board member Lorenzo Bini Smaghi, stated that such a restructuring would be catastrophic for the banks and the economy.
Gold and silver prices are moving up on this morning’s news.
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,460.90 (up $5.30)
- Silver price - $41.05 (up 75 cents)
- Platinum price - $1,775.00 (down $1.20)
- Palladium price - $765.00 (down $1.20)