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Morning Gold & Silver Market Report – 2/3/2012

UNEMPLOYMENT DIPS; IRAN ADDS TO TENSION WITH U.S.  

U.S. stock futures added to early morning gains after the release of the latest unemployment figures. Analysts had estimated that 121,000 jobs were added in January, but the report showed 243,000 new jobs, plus adjusted figures for November and December showing a combined 60,000 additional new jobs. The unemployment rate fell to 8.3%, and most are seeing this as a good sign for economic recovery in the country. Gold and Silver dipped slightly on the news, but the dip may be limited, as the dollar also fell after the report’s release.

Mark Mobius, executive chairman of Templeton Emerging Markets Group, said he is now bullish on the eurozone thanks to Eastern European countries such as Austria and Romania. He said that investors are beginning to realize that the EU and the euro are here to stay. “Reforms are taking place now in Europe; the effects will kick in next year, and then you’re going to see a much stronger regional community,” Mobius said.

Iran’s supreme leader Ayatollah Ali Khamenei warned those who are enforcing an oil embargo against Iran. Khamenei said, “Sanctions will not have any impact on our determination to continue our nuclear course. … In response to threats of oil embargo and war, we have our own threats to impose at the right time.” The comments are expected to continue driving up oil prices, and Gold traditionally has had a positive correlation with oil. Geopolitical tension is one of the major driving factors for the Gold price, as well.

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

  • Gold - $1,755.80 – Down $2.10.
  • Silver - $34.22 – Down $0.03.
  • Platinum - $1,634.00 – Up $3.10.
  • Palladium - $713.20 – Up $4.60.

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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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