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Morning Gold & Silver Market Report – 11/4/2011

UNEMPLOYMENT TICKS DOWN; ITALY TO FOLLOW GREECE

After a night of mixed trading, precious metals have dipped after the release of the jobs report.  Economists expected an increase of 90,000 jobs, but the numbers missed that point by 10,000.  The good news from the report was that the unemployment rate fell to 9.0% from 9.1%.  Gold is still near six-week highs, and UBS strategist Edel Tully explains that recent purchases of gold by central banks should be encouraging to investors.  Tully wrote, “As gold continues to take its cues from the euro and risk assets, consistent official purchases offers some comfort to investors, as they help provide the yellow metal with underlying support.”

There has been some faith restored in the euro zone after Greece nixed the referendum vote on their bailout package, but Greek Prime Minister George Papandreou is still feeling the heat.  Papandreou faces a confidence vote today, which could set the tone for further delays in the bailout process.  Former hedge fund manager George Soros said, “There’s a real danger of a disorderly default.”

When the attention of the financial markets is able to take its eyes off Greece, Commerzbank Chief Financial Officer Eric Strutz says Italy is next.  He said, “The whole stability of Europe depends on whether Italy gets its act together.”  Italy was forced to accept International Monetary Fund oversight of implementation of austerity measures at the Group of 20 meeting this week.  Italy is second only to Greece on the list of highest debt-to-gross domestic product ratio.

At 8:01 a.m. (CT), the APMEX precious metals spot prices were:

  • Gold - $1,763.80 – Down $3.30.
  • Silver - $34.37 – Down $0.17.
  • Platinum - $1,636.50 – Down $10.50.
  • Palladium - $656.30 – Down $7.90.

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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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