Morning Gold & Silver Market Report – 8/5/2011
PAYROLLS DATA EASES FEARS, BRINGS SUPPORT TO STOCK MARKET
The highly anticipated payrolls report was released this morning, and it showed an increase of 117,000 jobs in July. The unemployment rate fell .1% to 9.1%. These numbers were better than expected, finally bringing some relief to Wall Street after two days of tension. Stock futures are up more than 1%, just a day after the biggest selloff since 2009.
Gold gave up early gains amid the news, but one analyst says that South Korea’s recent purchase of gold signals that it’s still not too late to buy gold. An executive of one company stated that South Korea’s purchase is “significant, as it represents the first purchase of gold by the East Asian country in over a decade. It would seem South Korea has joined the ranks of those countries that have lost faith in the U.S. dollar … it is no coincidence that many of these central banks are from emerging-market economies. Many of these countries have experienced the grim reality of enduring a currency crisis first-hand.”
At 8:00 am (CT) the APMEX precious metals spot prices were:
- Gold - $1,657.10 – Down $0.90.
- Silver - $38.89 – Down $0.60.
- Platinum - $1,707.00 – Down $22.40.
- Palladium - $739.30 – Down $15.70.