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Morning Gold & Silver Market Report – 1/6/2012

U.S. UNEMPLOYMENT FALLS; EUROPEAN SENTIMENT STILL FADING   

U.S. stock futures rose after the nonfarm jobs report by Automatic Data Processing Inc. was released this morning. Economists expected the number of jobs added in December to reach 150,000, and the report showed 200,000 jobs added. The U.S. dollar’s value also rose, though precious metals prices were relatively unchanged from earlier in the morning. The unemployment rate also showed signs of improvement, as it fell to 8.5% instead of the expected rise to 8.7%. These numbers seem to confirm a slow pickup in economic activity within the U.S.

European Central Bank policymaker Athanasios Orphanides said he thinks that banks are paying too much for the economic collapse in Greece.  He recently asked leaders in the eurozone to go back on plans which would make private sector investors – the banks – take a large share in reducing Greece’s debts.  Orphanides said that although the Greek government might suffer, “by restoring trust in the eurozone, it would reduce the financing costs of other eurozone governments.” This idea is unlikely to gain much steam, however, as the main force in the eurozone now is Germany, the country that was very much behind the banks taking a haircut on Greek debt.

Analysts are calling for the two most popular eurozone powers -- French President Nicolas Sarkozy and German Chancellor Angela Merkel -- to first focus on the short-term problem in the eurozone before moving on to budget discipline and other topics. ING’s Martin van Vilet said, “For me, two things are important: safety for larger eurozone countries such as Italy -- meaning a larger bailout fund or a more aggressive European Central Bank -- and solving economic problems, how to kick-start growth.”

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

  • Gold - $1,628.10 – Up $7.00.
  • Silver - $29.36 – Down $0.02.
  • Platinum - $1,417.20 – Up $0.20.
  • Palladium - $633.80 – Down $11.60.

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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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