Morning Gold & Silver Market Report – 10/7/2011
JOBS REPORT BETTER, NOT ENOUGH TO MAKE A DENT IN UNEMPLOYMENT
In overnight trading, gold reached as high as $1,669, and is currently resting slightly lower than that after the release of the U.S. jobs report from September. The report showed that 103,000 jobs were added in September, about 44,000 more than expected. The unemployment rate, however, was unchanged at 9.1%, and to maintain that rate, 125,000 jobs need to be added month-to-month. So, although today’s news was good news, it’s still not what’s needed to reduce the rate. Stock futures started low, but turned higher after the report.
Former Federal Reserve Chairman Alan Greenspan said recently regarding the European debt crisis: “I think it’s very dangerous. Everyone’s got their fingers crossed.” When questioned about the threat of the contagion in Europe reaching American shores, Greenspan said, “This is an integrated system. The presumption that somehow the huge American banking system … is independent of Europe is, I think, just utterly unrealistic. It looks independent until it isn’t.”
The situation in Syria has not improved, and now the government is pointing the blame at foreign powers. Deputy Foreign Minister Faisal Mekdad said that over 1,100 security personnel have been killed in the situation, and accused the media of creating a propaganda war against President Bashar al-Assad’s rule. The statements were given in front of the U.N. Human Rights Council, where envoys from Britain, France, and the U.S. called on Syria to halt executions, arbitrary detentions, torture, and enforced disappearances of civilians.
At 8:06 am (CT) the APMEX precious metals spot prices were:
- Gold - $1,656.50 – Up $1.30.
- Silver - $32.22 – Up $0.17.
- Platinum - $1,530.50 – Up $22.40.
- Palladium - $611.00 – Up $10.20.