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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.

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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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