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Morning Gold & Silver Market Report – 2/6/2014

METALS, STOCKS HIGHER AFTER JOBLESS REPORT

Precious Metals are trading higher in early morning trading, ignoring a drop in weekly jobless claims. Thursday brings a European Central Bank (ECB) rate decision, with a keen eye on hints as to whether ECB president Mario Draghi is looking to ease policy further. Commerzbank analyst Carsten Fritsch explained, “These macro events are relevant for the Gold market for the impact they can have on the dollar and stock markets.” Fritsch also said that the year-to-date strength in Gold price is directly relative to weakness in global stocks.

U.S. stock futures are pointing toward a higher opening for Wall Street. The weekly jobless claims report showed 20,000 claims less than the prior week, about 9,000 fewer than expected. Investors now set their eyes on Friday’s jobs report for clues on the economy. Gary Thayer, chief macro strategist at Wells Fargo Advisors, said, “I think the market is expecting a decent (jobs) number, but they're worried with the weather… The question is whether it's as bad as everyone thinks.”

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

  • Gold, $1,263.10, Up $4.20.
  • Silver, $20.12, Up $0.25.
  • Platinum, $1,383.70, Up $2.40.
  • Palladium, $714.30, Up $6.20.
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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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