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Morning Gold & Silver Market Report – 5/19/2011

JOBLESS CLAIMS DOWN; IMF CHIEF RESIGNS

The weekly jobless claims report was released this morning, and showed an improvement from last week.  New jobless claims were at 409,000, down from 434,000, and about 11,000 better than forecast.  However, the four-week moving average, often seen as a better indicator of trends, increased to 439,000, which is a six-month high.  Stocks were up this morning as investors await the reports of the day, which also include the Philadelphia Fed Index of business activity for May and the National Association of Realtors report on existing-home sales for April.

In a move that perhaps shocked no one, Dominique Strauss-Kahn resigned as Managing Director of the International Monetary Fund, citing the need to protect his innocence after being charged with sexual assault on May 14.  The trend of Europeans leading the IMF looks to continue, as France’s Christine Legarde is the leading candidate for the job.  As mentioned yesterday, emerging-market nations (like China, Russia, Brazil, and India) are likely going to call for the end to that pattern as they seek higher influence in the fund.

At 8:06 AM (CT) the APMEX precious metals spot prices were:

  • Gold – $1,490.10 (down $7.20 on the day)
  • Silver – $35.26 (up $0.08)
  • Platinum – $1,769.00 (down $11.90)
  • Palladium – $739.80 (down $1.50)

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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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