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Mid-Day Gold & Silver Market Report – 2/3/2012

MIXED REACTIONS ON IMPROVED U.S UNEMPLOYMENT DATA

Precious metals prices reacted with a downward spiral today on the announcement that the unemployment rate dropped considerably for the fifth month in a row. There were mixed reactions in the political parties on what the unemployment rate actually is telling us regarding the condition of the U.S. economy. Alan Kreuger, chairman of President Barack Obama's Council of Economic Advisers, said, “The pattern is definitely indicating the economy is improving.” Meanwhile, Republican National Committee chairman Reince Priebus said, “Our economy remains unacceptably weak, and families across the country are still struggling to make ends meet.”

Chicago Federal Reserve President Charles Evans said the Fed should be more forceful in trying to get the unemployment rate below 8 percent. Evans said, “The employment gap is very, very large. We need growth rates more on the order of 5 percent for some period of time in order to make progress on unemployment.” Evans suggested that to bring unemployment down quickly, the Fed should promise low interest rates until the unemployment rate is below 7 percent or inflation pressures rise above 3 percent. Camilla Sutton at Scotia Capital shared her view on the jobless report, saying, “Today's release is a very positive report and will soothe some of the deeper concerns at the Fed. I think increasingly it (a third round of quantitative easing) is being pushed to the background.”

At noon, the APMEX precious metals spot prices were:

  • Gold - $1,739.90 – Down $17.90.
  • Silver - $33.85 – Down $0.40.
  • Platinum - $1,630.50 – Down $0.40.
  • Palladium - $710.50 – Up $1.90.

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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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