Morning Gold & Silver Market Report – 12/6/2012

Geoffrey Varner

12/6/2012 7:39:00 AM

ECB HOLDS LOW RATES; U.S. JOBLESS CLAIMS DROP

The European Central Bank held interest rates to a record low of 0.75 percent Thursday. This move hinted at the possibility of cuts next year. Recent policymakers’ comments have suggested that rate cuts are not likely in the near future; however, some have speculated that cuts might happen in March. 

U.S. stock futures stayed mostly unchanged after data showed jobless benefits down last week. The effects of Superstorm Sandy seems to finally be waning. There is additional data due tomorrow that is speculated to show private payroll increases of approximately 90,000. Figures should also show that unemployment held at 7.9 percent in November.

Gold held around $1,690 an ounce in overnight trading as buyers went to the sidelines ahead of the ECB announcement. Uncertainty around the U.S. fiscal cliff didn’t help either. 

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

• Gold, $1,691.90, Down $1.90.
• Silver, $32.70, Down $0.24.
• Platinum, $1,584.90, Down $0.30.
• Palladium, $685.50, Down $1.90.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! 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.