Mid-day Gold & Silver Market Report – 9/2/2011
ZERO JOBS GROWTH = LACK OF CONFIDENCE
Precious metals have remained steady since the Morning Gold & Silver Market Report. Precious metals are up for the day based on the relatively poor jobs report this morning. Talk of recession tends to stoke the safe haven appeal of precious metals when disappointing news hits the market, since stocks and oil tumbles.
Most economists are of the opinion, however, that the data is not a clear indicator that a recession is taking place. The key component to the data was it did include the striking Verizon workers, which accounted for 45,000 unemployed persons added into the total number of unemployed. "The extreme uncertainty over the outcome of the debt-ceiling debate probably did extra damage to the August (job) figures," said Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts.
The news out of Europe continues to be bleak as the IMF is said to oppose any plan that involves Greece being forced to put up collateral. That opposition threatens to hold up Europe’s effort to provide aid. The concern is the political agendas in place through the 17-country region not only threaten the aid but also the implementation of other measures such as the EFSF (European Financial Stability Facility). Germany wants to have controlling veto power over the EFSF’s implementation.
At 12:13 PM (CT) the APMEX precious metal prices were:
- Gold price - $1,878.20 – up $47.10
- Silver price - $43.09 - up $1.49
- Platinum price - $1,885.30 – up $31.40
- Palladium price - $779.50 – down $10.90