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Morning Gold & Silver Market Report – 5/3/2012

POLL SHOWS SAFEST LONG-TERM INVESTMENT IS GOLD  

The Gold price is continuing its trend of inversely tracking the American dollar this morning. The dollar is up due to a better-than-expected jobless claims report and less-than-stellar news out of Europe, which is holding the euro in place. While the four-week moving average of jobless claims was slightly higher, last week’s numbers fell for the first time in a month. Stock futures rose with the dollar in the U.S.A.

The European Central Bank (ECB) kept interest rates steady, disappointing investors who were looking for relief in the troubled region. Inflation kept the central bank of the eurozone from lowering the interest rates to support the economy. ECB chief Mario Draghi was expected to address his suggestion on a “growth pact” for the eurozone in a news conference this morning.

A new poll showed that Americans believe Gold to be the safest long-term investment. Gold blew away the competition (real estate and stocks) in the poll, and researchers believe the information suggests that the sentiment regarding Gold is directly correlated to an increasing lack of faith in the American economy.

At 10:05 a.m. (EDT), the APMEX precious metals spot prices were:

  • Gold – $1,638.50 – Down $16.50.
  • Silver - $30.27 – Down $0.40.
  • Platinum - $1,546.00 – Down $19.40.
  • Palladium - $662.80 – Down $7.70.

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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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