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Morning Gold & Silver Market Report – 3/8/2012

JOBLESS CLAIMS REPORT DISAPPOINTS; GOLD, SILVER GAIN  

New claims for unemployment benefits took a surprising turn upward for last week, increasing by 8,000. Although not considered significant enough to change perceptions that the job market is improving, it still went in the wrong direction. Economists polled by Reuters expected the number of claims to remain flat.

Israel is seeking U.S. arms support in the event of a strike against Iran. It is reported that Israeli Prime Minister Benjamin Netanyahu made the request while visiting Washington last week. Although Netanyahu told President Barack Obama that no decision had been made to take action, there was no denial that Israel intended to protect its interests.

Gold and Silver prices have been moving up in early morning trades. In an article on CNBC.com, staff writer Catherine Boyle wrote that some investors see the recent decline as a mere correction before Gold prices continue moving up. “We are in a strong bull market that is taking a rest right now,” said Charlie Morris of HSBC Global Asset Management. He said low interest rates and high demand are the key drivers of Gold prices in the current environment. Morris said he keeps about 5.5 percent of his portfolio in Gold.

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

  • Gold - $1,696.60 – Up $12.20.
  • Silver - $33.80 – Up $0.19.
  • Platinum -$1,637.80 – Up $9.50.
  • Palladium - $698.00 - Up $12.60.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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