Morning Gold & Silver Market Report – 1/10/2013
STOCKS ON THE RISE; JOBLESS CLAIMS UP
Stock market futures are looking bullish today due to positive trade data from China. Chinese export data surpassed analysts expectations rising 14.1 percent in December as compared to last year. Domestically, jobless claims rose last week by 4,000 to a seasonally adjusted 371,000. Claims for unemployment tend to be more volatile this time of the year due to seasonal layoffs.
The Gold price remained mostly flat ahead of today’s ECB meeting before rebounding this morning. Platinum is also gaining ground and has reached its tightest ratio with Gold since April 2012. The improvement in the white metal is being linked to an improvement in the U.S. auto market and supply issues created by labor unrest in South Africa’s producing region. Citigroup analyst David Wilson said, “The overall [Chinese] trade data is looking positive in terms of exports. For [precious group metals] there's some positivity, surprisingly, on the auto sector.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,671.30, Up $13.80.
- Silver, $30.74, Down $0.46.
- Platinum, $1,624.50, Down $24.50.
- Palladium, $701.50, Up $12.30.
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