Mid-Day Gold & Silver Market Report, 7/6/2012
Brandi Brundidge
7/6/2012 11:41:00 AM
GOLD REACTS STRONGLY TO AMERICAN JOBS REPORT
Gold's price fell this morning as a result of disappointing numbers shown in the latest United States jobs report. U.S.A. nonfarm payrolls increased 80,000 jobs in June from May’s reading of 77,000, while the nation’s unemployment rate remained at 8.2 percent. “The Precious Metals bounced strongly when the (payroll) numbers turned out to be below expectations. But after all, the data is a bit mixed: It is not bad enough to suggest the Fed will go ahead with a new round of quantitative easing, but at the same time it is not good enough to exclude it,” said Gianclaudio Torlizzi, a consultant with T-commodity.
Jeff Savage, regional chief investment officer for Wells Fargo Private Bank, said, “What a disappointing number. This was kind of disastrous. We’re not even keeping up with demographics at this point. This is not going to be liked in the markets.” Kathy Bostjancic, director of macroeconomics analysis for The Conference Board, is just as optimistic as Savage about America’s economy getting back on track. Bostjancic said, “There is little hope of an acceleration in the pace of job growth anytime soon. These conditions are likely to persist at least through the summer and possibly longer.”
At 1:01 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,579.70, Down $31.00.
- Silver, $27.07, Down $0.68.
- Platinum, $1,452.40, Down $25.30.
- Palladium, $580.70, Down $6.00.
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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
