Morning Gold & Silver Market Report – 11/2/2012
Ryan Schwimmer
11/2/2012 8:00:00 AM
OCTOBER JOBS REPORT ENCOURAGING; GOLD DROPS BELOW KEY LEVEL
The final jobs report before Tuesday’s U.S. presidential election showed an increase of 171,000 new jobs in October, which is higher than many analysts predicted. However, the unemployment rate in the country also increased to 7.9 percent. The U.S. dollar gained and Precious Metal prices fell after the news, with Silver dropping below $32 and Gold dropping below the key $1,700 level.
Even with this morning’s drop, Gold traders are still bullish on the yellow metal. The majority of analysts participating in a Bloomberg survey expect the price to increase next week. One analyst said, “Central banks are all very concerned about a depression, so they’re keeping monetary policies as loose as possible. People are buying Gold as a store of value to protect against currency depreciation.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,696.70, Down $19.80.
- Silver, $31.82, Down $0.46.
- Platinum, $1,554.70, Down $16.00.
- Palladium, $608.90, Down $4.60.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
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
