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Morning Gold & Silver Market Report – 10/13/2011

CHINA DATA ADDS TO GLOBAL ECONOMIC WOES

Precious metals have traded mostly lower since yesterday’s close, and stock futures are joining them in the red after the release of economic data from China that was weaker than expected.  China’s trade surplus contracted in September, with lower-than-expected imports and exports.  This is yet another sign of global economic weakness.

In the U.S., the jobless claims report was released and was relatively unchanged, showing a drop of only 1,000 to 404,000 after an upward revision from two weeks ago.  To keep things in perspective, 300,000 claims is a target number for rapid economic growth.  This falls in line with other data that shows that the U.S. is adding jobs, albeit at a frustratingly slow pace.

A European Central Bank (ECB) Governing Council member said that the ECB will consider cutting interest rates at its next meeting, but that they are not pre-committed to actually making the cut.  There are also inflationary concerns coming out of the euro zone, though most policymakers are shrugging it off.  The current inflation rate is 3%.  Slovakia’s central bank chief Jozef Makuch said, “I expect inflation to drop below 2% next year.”

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,669.40 – Down $15.20.
  • Silver - $32.12 – Down $0.71.
  • Platinum - $1,538.00 – Down $16.40.
  • Palladium - $605.50 – Down $7.60.

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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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