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Closing Gold & Silver Market Report – 7/8/2011

METAL MARKETS BOOM ON SAFE HAVEN BUYING – The horrible jobs data released today broke a long winning streak in stocks and caused many investors to flee to safe haven assets like gold.  Most investors look at long term price movements when buying physical metals, however today’s chart clearly shows the safe haven buying; when the report was released (7:30 ET) there was a dramatic spike in gold prices.  The moment that investor’s confidence was shaken, gold shot up nearly $20 per ounce. 

Yesterday’s surprisingly positive jobs data sharply contrasts with today’s numbers.  The difference is in what jobs are actually counted.  Yesterday’s numbers were private sector jobs, while today’s nonfarm payroll data included both private and public sectors.  The cuts to government budgets at federal, state, and local levels are clearly having an impact on the employment situation in the U.S., according U.S. News & World Report.

Despite the bad news today, famed billionaire investor Warren Buffet has placed large bets against a double dip recession.  “How fast the recovery will come, I don’t know. I see nothing that indicates any kind of a double dip,” Buffet told Bloomberg News.  Buffet went on to say that the key to recovery of the jobs markets is residential construction.  “We will come back big time on employment when residential construction comes back.”

Gold is a traditional safe-haven investment, used by many professionals to create a truly balanced portfolio.

At 4:15 pm (CT) the APMEX precious metals spot prices were:

  • Gold – $1,545.60 – Up $14.00 on the day.
  • Silver - $36.75 – Up $0.15.
  • Platinum - $1,739.20– Down $3.80.
  • Palladium - $781.90 – Down $6.70.

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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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