Mid-Day Gold & Silver Market Report – 10/5/2012
Ted Prince
10/5/2012 12:04:00 PM
JOBS REPORT NOT EXPECTED TO HINDER GOLD PROGRESS
Friday’s report showing a drop in last month’s unemployment rate has boosted stocks and pulled down Precious Metals prices. The jobs data represents the first time in 44 months that unemployment has been below 8 percent. However, Jan Hatzius, Goldman Sachs’ chief U.S. economist, believes the addition of 114,000 new jobs in the month of September is still uninspiring. He stressed that the U.S. would need to average an increase of 200,000 jobs per month over the course of one year to mark a true recovery and encourage the Fed to raise interest rates.
Despite today’s flash of enthusiasm, strategists at Deutsche Bank expect fiscal fears, spurred on by recent quantitative easing and expectations of a U.S. credit downgrade, which will increase in the fourth quarter. “This will prove to be most beneficial to the Precious Metals complex and specifically Gold,” the strategists wrote in a research report.
At 1 p.m. (EDT), the APMEX Precious Metals prices were:
- Gold, $1,782.20, Down $13.30.
- Silver, $34.74, Down $0.36.
- Platinum, $1,704.20, Down $17.90.
- Palladium, $663.60, Down $12.20.
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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
