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.”
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.