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Morning Gold & Silver Market Report – 2/9/2012

JOBLESS CLAIMS FALL AGAIN; GREEK DEAL FINALLY REACHED  

U.S. stock futures rose and the U.S. dollar pared losses after the jobless claims report was released this morning. The report showed that claims fell by 15,000 last week, and the four-week moving average dropped by 11,000. The four-week average is typically seen as a better indicator of trends, and it is now at its lowest level since April 2008. Gold and Silver gave up some gains after the report.

Reports have surfaced that Greek leaders reached an austerity deal that will allow them to receive a second bailout package. This deal will allow Greece to stave off default. The agreement follows a five-hour meeting that actually ended in deadlock.

Syrian forces continued their bombardment of Homs amid efforts to resolve the crisis. U.N. Secretary General Ban Ki-moon said, “I fear that the appalling brutality we are witnessing in Homs, with heavy weapons firing into civilian neighborhoods, is a grim harbinger of things to come.” Russia and China continue to back the Syrian government, while the rest of the U.N. favors a transfer of power from Syrian President Bashar al-Assad.

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

  • Gold - $1,737.20 – Up $7.40.
  • Silver - $34.07 – Up $0.30.
  • Platinum - $1,665.00 – Down $4.10.
  • Palladium - $715.00 – Down $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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