Morning Gold & Silver Market Report – 2/23/2012
JOBLESS CLAIMS UNCHANGED FROM LAST WEEK
The number of new claims for unemployment benefits in the United States was unchanged from last week. Claims have held at the lowest levels since 2008. Economists polled by Reuters had expected claims to rise slightly from 351,000 to 354,000, so there is renewed hope that the U.S. job sector might be turning the corner.
The European Commission issued a report today indicating that it expects the eurozone economy will experience its second recession in three years in 2012. The larger European Union (EU) will stagnate, as the report warns that the entire region still is encumbered by a vicious cycle of debt. Economist say that the fragile economic recovery the EU has experienced the past two years cannot withstand the high public debt, lack of investor confidence and high unemployment.
On an interesting note, Silver was trading at $36.73 per ounce in Mumbai, India, today. One kilo of Silver was trading at $1181 rupees, which is $36.73 in U.S. dollars. India is well known to be the world’s largest consumer of Gold, but it is also the third-largest consumer of Silver behind the United States and Japan. Last year, India imported about 4,800 tons of Silver, and this year forecasts are for more than 5,000 tons of imported Silver.
At 8 a.m. (CST), the APMEX precious metals spot prices were:
- Gold - $1,783.00 – Up $12.70.
- Silver – $34.95 – Up $0.63.
- Platinum - $1,735.50 – Up $13.70.
- Palladium - $721.90 – Up $3.10.