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Morning Gold & Silver Market Report – 9/29/2011

JOBLESS CLAIMS DROP; GERMAN VOTE ENCOURAGING FOR EURO

Overnight trading was choppy for gold and silver, but the metals have remained mostly flat this morning.  U.S. stock futures are pointing to a positive open for Wall Street, after Germany’s parliament approved an enhancement of the European Financial Stability Facility (EFSF). 

Also pushing stock futures up is news that unemployment claims dropped by 37,000, finally breaking below 400,000.  The four-week moving average that is typically a better indicator of trends fell by 5,250 to 417,000.  This comes just after Federal Reserve Chairman Ben Bernanke called the weak labor market a "national crisis.”

Though pushed off the front page, geopolitical issues continue in Yemen as a truce was broken when two people were killed in the capital city of Sanaa.  Neighboring Saudi Arabia and the U.S. fear that the unrest could endanger Western interests in the Gulf due to a large al Qaeda wing based in Yemen.

At 8:03 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,617.00 – Down $2.10.
  • Silver - $30.45 – Up $0.29.
  • Platinum - $1,533.70 – Down $3.50.
  • Palladium - $626.10 – Down $10.60.

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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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