Morning Gold & Silver Market Report, 5/31/2012
Ryan Schwimmer
5/31/2012 8:00:00 AM
EMPLOYMENT DATA DISAPPOINTS; SPAIN HAS CRISES
American stock futures and European stocks fell this morning after the release of the monthly jobs report by payroll processor Automatic Data Processing Inc. The report showed a worse than expected gain of 133,000 jobs from April to May, and last month’s numbers were revised down by 6,000. Weekly jobless claims also rose by 10,000 last week to the highest level in five weeks. The information isn’t a good sign for employment in the United States, which has been a point of contention among investors looking for some sort of economic stimulus from the Federal Reserve to support the markets. With the news, the American dollar is slightly lower, and Gold seems to be trading mostly flat.
Regardless of jobs information, the main driver of the market recently has been events in the eurozone, and that continues to be so. Spain clearly seems to be the eurozone’s biggest problem at the moment. Reuters states that the word “crisis” can be added to just about anything concerning Spain and it will apply: “Liquidity crisis, debt crisis, banking crisis, economic crisis, confidence crisis, investor crisis, jobless crisis. Spain … has them all.” One diplomat said, “Markets are good at pricing risk, but they hate uncertainty -- and right now that uncertainty is killing Spain.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,567.00, Up $1.80.
- Silver, $28.03, Down $0.04.
- Platinum, $1,408.30, Up $5.10.
- Palladium, $610.90, Up $4.40.
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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
