Our Daily
Market Reports

Closing Gold & Silver Market Report – 9/1/2011

PREDICTIONS SAY UNEMPLOYMENT RATE IS 9%

Precious metals are trading slightly lower today, partly thanks to the U.S. dollar strengthening.  Investors likely took profits in gold and stayed out of stocks, waiting on Friday’s jobs report.  As a result of the dollar rallying, gold looks more expensive to other countries.  Director of Tactical Investments at Waverly, Adam Grimes, says he sees no good reason why the dollar is trading higher other than technical trading.

The White House Office of Management and Budget released their number for the mid-session review, predicting real GDP growth at 2.6% and an unemployment rate of 9%.  Jacob Lew, Office of Management and Budget Director, said, “The MSR largely confirms what we already knew – and what CBO already released – it underscores that we need to get back on a sustainable path, and that we need to invest in long-term economic growth and job creation.”

Some are saying Germany’s financial slowdown may be a good thing for the eurozone.

At 4:00 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,830.90 – down $3.80.
  • Silver - $41.73 – down $0.11.
  • Platinum - $1,853.00 – down $4.20.
  • Palladium - $786.40– down $4.10.

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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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