Morning Gold & Silver Market Report – 6/16/2011
JOBS REPORT BETTER THAN EXPECTED, BUT THERE IS NO CELEBRATION - The U.S. jobs report was released this morning and jobless claims fell last week to 414,000. This fall in jobless claims was 6,000 more than expected . Although this is a pleasant surprise there is no celebration. The moving average is still well above 400,000 and the June numbers are not expected to look much different than the dismal May numbers. The jobs picture is still looking very cloudy.
Foreclosure activity in the U.S. housing market is down 33% from one year ago, but no one is taking this as good news. The downward trend is a result of delays in foreclosure proceedings and a new initiative by big banks to find an alternative to foreclosure. Quite simply, the banks do not want the properties because they are not selling. We may be at a 42-month low in foreclosure activity, but this may be a direct result of a housing market that continues to decline.
The U.S. stock market took another hit yesterday, as it was down over 170 points. World markets followed overnight and fell to a 3-month low. Investors continue to focus on the calamity going on in Greece. Today, police are fighting with protestors who are rebelling against any proposed austerity measures. It is rumored Germany may want to delay any decision until September due to the tense political infighting going on in Greece. The euro tumbled and even top-rated government bonds went up as they need higher returns to entice investors.
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,530.90 (up $4.20)
- Silver price - $35.63 (up 13 cents)
- Platinum price - $1,757.00 (down $18.20)
- Palladium price - $756.00 (down $22.10)