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Morning Gold & Silver Market Report – 6/23/2011

JOBS REPORT = BROKEN RECORD, APMEX CEO ON CNBC

The U.S. stock market was already heading for a weak opening, and this morning’s jobs report may support further declines. Once again the numbers are disappointing, as initial claims for state unemployment benefits rose by 9,000 when they were expected to drop by 1,000. The number now sits at 429,000.

Federal Reserve Chairman, Ben Bernanke gave no clear signals as to future Fed actions in yesterday’s press conference, but it is clear that the Fed feels the economic recovery is slower than expected and could persist into 2012. Mr. Bernanke said, “We have an awful lot of uncertainty right now about how much of the slowdown is temporary, how much is permanent, so that would suggest, all else being equal, that a little bit of time to see what is going to happen … would be useful in making policy decisions.”

There are analysts on both sides of the fence as to whether we will see another round of quantitative easing (QE3), but PIMCO’s Bill Gross predicted on Wednesday that the Federal Reserve would hint at QE3 at the Jackson Hole global central banking conference in August.

Michael Haynes, CEO of the American Precious Metals Exchange, was interviewed earlier today on CNBC Worldwide Exchange. The theme behind the presentation was that the Central Banks and the citizens of these foreign countries have centuries of experience in politics, currency and economics more than the U.S. However, these countries seem to have a view toward gold ownership that is different from the U.S. in that these countries want more exposure during these uncertain and volatile times. This begs the question: What do they know, collectively, that we do not know? What experiences have these investment brethren known that causes them to act, one at a time, in a fashion that points toward increasing gold ownership? This data shows that there are billions of dollars globally voting on gold. Should we be paying attention?

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold price - $1,524.80 (down $29.00 on the day)
  • Silver price - $35.55 (down $1.28)
  • Platinum price - $1,707.60 (down $45.80)
  • Palladium price - $747.30 (down $25.40)

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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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