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Closing Gold & Silver Market Report, 9/06/2012


Gold’s early session gains were pared as several good economic reports increased doubts about seeing any economic stimulus in the short term. Payroll processor ADP reported positive employment numbers, and the United States Labor Department said first time unemployment claims fell to their lowest number since mid July. The Labor Department will release its official report Friday. Depending on Friday’s job report, gold could go above $1,700 an ounce, HSBC’s James Steel said. A positive report could offer some headwinds, “but overall the market still looks pretty firm,” he said.

Gold was not the only beneficiary after comments by European Central Bank President Mario Draghi. The S&P 500 index reached a four year high, and the price of Treasuries fell on growing optimism. “The market was looking for signs that the ECB and some part of the European Union would basically stimulate in Europe and guarantee the sovereign debt,” David Pearl at Epoch Investment Partners said. “Draghi pretty much gave what the market was looking for. The U.S. data is at least moving positively, and we’re in a recovery.”

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,701.70, Up $8.70.
  • Silver, $32.69, Up $0.36.
  • Platinum, $1,584.10, Up $7.50.
  • Palladium, $647.80, Up $0.90.

APMEX’s Account Managers now have extended hours and are here to serve you until 8 p.m. (EDT) Mondays through Fridays! If you have any questions about investing in Precious Metals or would simply prefer to place your order by telephone, we are here to help

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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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