SILVER PUSHED BELOW $19; INVESTORS AWAIT JOBS REPORT
Precious Metals prices slipped again today as poor demand for Gold briefly pulled Silver down below $19 an ounce. Though Silver benefits from industrial demand more than Gold, record buying of Silver from manufacturers of jewelry all the way to solar panels is doing little to boost the price. “The industrial driver can help, but I don’t think it’s as influential as the investor,” Robin Bhar, head of metals research at Societe Generale, said. “Investors were bullish silver because gold was in a bull market. Now that we have gold in a bear market, there’s less enthusiasm coming from investors.” As Gold and Silver hope to gain a foothold at some point following several sessions in the red, investors will look to Friday’s all-important government jobs report to see if employment recovery is enough to put further downward pressure on Precious Metals.
U.S. stocks are trading flat today as many investors remain sidelined ahead of tomorrow’s monthly jobless claims report. “The market has had a nice little run here, and you’ve got a number coming tomorrow, so there may be some hesitation,” Bruce Bittles, chief investment strategist at RW Baird & Co., said. Data that is available shows an increase in unemployment claims. Poor jobs numbers could negatively impact stocks as both the S&P 500 and Dow Jones Industrial Average hover near all-time highs. Historically, poor performing equities have meant higher prices for Precious Metals.
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,286.30, Down $11.60.
- Silver, $19.10, Down $0.13.
- Platinum, $1,425.80, Down $2.10.
- Palladium, $815.30, Up $1.80.
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