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Morning Gold & Silver Market Report – 6/3/2011

JOBS REPORT EVEN WORSE THAN EXPECTED, YEMENI PRESIDENT KILLED (OR NOT?)

Fears of a double-dip recession seemed to hang on this morning’s nonfarm payrolls report, and when it was released, the fears hit the other side with a resounding “thud.”  To put the report in perspective, April’s numbers showed an increase of 244,000 jobs.  May’s numbers were expected to be disappointing already, somewhere around 125,000.  The increase was actually just 54,000 (a nine-month low, 57% worse than expected, 78% lower than April).  The unemployment rate now sits at 9.1%.  Stock futures tumbled along with the U.S. dollar, and gold has recovered from early-morning losses.

Greek Prime Minister George Papandreou is meeting with European Union leaders today to present new austerity measures.  Back in his home country, citizens are set to protest.  Some are even calling it a revolt, and there are reports that protesters have taken over the office of the ministry of finance in Athens.

Reports out of Yemen early this morning said that there was a late-night assault on the presidential palace mosque, killing Yemeni President Ali Abdullah Saleh.  However, those reports were debunked by a government official a short time later, saying President Saleh will make a nationwide address soon.  Several officials were injured in the attack, according to reports, but there are no reports of deaths at this time.  The situation in Syria is only getting worse, as security forces opened fire on demonstrators yet again.  Human rights groups say that Syrian security forces have killed more than 1,000 civilians in less than three months.  In Libya, China met with rebels in the latest setback to President Gaddafi.

At 8:01 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,538.20 (up $5.00 on the day)
  • Silver - $35.52 (down $0.79)
  • Platinum - $1,810.10 (down $8.70)
  • Palladium - $771.00 (down $1.40)

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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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