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Morning Gold & Silver Market Report- 10/5/2011

Private Job Creation Beats Estimates but Announced Layoffs SoarThe September survey from ADP showed the private sector added 95,000 jobs, which was almost identical to the August report. It had been expected that 75,000 jobs would be created, so although this is a modest gain, it is a gain. This news from the private sector was offset from news out of the public sector. Governments and the military in particular are reducing staff. In September, employers announced 115,730 planned layoffs, which more than doubled the August total of 51,114. This is the highest figure since April 2009. For 2011, there have been 479,064 announced layoffs, which is up 16.1% from the first nine months of 2010.

Gold prices had been bouncing up and down around $1615 per oz in overnight trading, but received an immediate lift on the release of this morning’s private jobs report. Silver prices lifted off morning lows, while platinum and palladium continue to get hammered.

Most analysts still have their eyes on Europe as the major factor driving markets. Yesterday, the U.S. stock market experienced a swing of 4% just on the headline that talks would occur to recapitalize European banks. Many analysts are skeptical of this plan. According to Pimco CEO Mohamed El-Erian, sooner or later the bond holders of European sovereign debt are going to have to take a loss. This means that banks are going to have to take a loss and when they do it will require recapitalization and the only place to get more money is from the sovereign nations, who are in danger of credit downgrades themselves. El-Erian said in a CNBC interview, “This time around there is going to be a lot more burden sharing. I don’t think the market has quite understood that it’s not simply a matter of recapitalization, but decisions are going to have to be made about burden sharing, just like they’re being made today in Greece. This is what’s going to be different than 2008 & 2009.”

By the way, shortly after U.S. markets closed yesterday, Moody’s lowered the credit rating on Italy’s bonds by three notches, while warning further downgrades were possible.

At 8AM (CT) the APMEX precious metals prices were:

· Gold price - $1,626.90 – up $8.90

· Silver price - $29.57 – down 31 cents

· Platinum price - $1,446.50 – down $22.10

· Palladium price - $551.50 – down $14.70

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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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