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Market Reports

Morning Gold & Silver Market Report – 6/7/2013

JOBS REPORT ADDS ANOTHER PIECE TO THE PUZZLE

Precious Metals prices initially added to losses after the release of the monthly jobs report, but experienced some choppy trading afterwards as investors had time to process the information. The report showed the addition of 175,000 jobs in the private sector in May, though the unemployment rate jumped to 7.6 percent. With many economists calling for the tapering of the Federal Reserve’s quantitative easing, this data simply adds another piece to the puzzle.

Philadelphia Fed President Charles Plosser told reporters that the markets have overreacted with talk of tapering quantitative easing. He said, “Since I don’t know what the outcome is going to be, the markets seem to take this very seriously at some level which I think is probably a mistake. We have to be careful not to allow ourselves to be whipsawed by market views of what the outcomes are going to be for them. We shouldn't be thinking we can't do this because the markets would back up.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,396.30, Down $21.50.
  • Silver, $22.28, Down $0.54.
  • Platinum, $1,505.70, Down $25.10.
  • Palladium, $759.00, Down $3.40.
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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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