Morning Gold & Silver Market Report – 11/15/2012
Ryan Schwimmer
11/15/2012 8:13:00 AM
JOBLESS CLAIMS AT HIGHEST LEVEL IN 18 MONTHS
Precious Metals and U.S. stock futures are trading lower across the board as the jobless claims report showed a jump to levels not seen in 18 months. Hurricane Sandy is being blamed for the jump in claims. The unemployment rate also rose slightly to 7.9 percent. The next big report on investors’ minds is the second estimate for third-quarter growth, to be released on November 29.
Gold’s safe-haven appeal could spur buying from investors who are worried about the fiscal cliff and tensions in the Middle East. Marcus Grubb of the World Gold Council said, “Against a backdrop of continued global economic uncertainty and elections in China and the U.S., it is clear from five-year rising demand trends that Gold’s fundamental property as a vehicle for capital preservation continues to endure.” Israeli strikes against the Gaza Strip have caused some nerves to heighten, and a Gold dealer in Hong Kong said, “I think sentiment is still bullish because of the tension in the Middle East and also the fiscal cliff. I think the market is looking to touch $1,750, while the downside is $1,720. I don’t think we’re going to break $1,700, unless of course there’s a strong rally in the dollar.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,725.50, Down $6.60.
- Silver, $32.73, Down $0.22.
- Platinum, $1,576.20, Down $15.40.
- Palladium, $640.10, Down $2.50.
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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
