Morning Gold & Silver Market Report – 1/31/2013

Geoffrey Varner

1/31/2013 7:55:00 AM

UNEMPLOYMENT NUMBER JUMPS; GOLD RETREATS

The number of Americans seeking unemployment assistance rose last week. This rise comes on the heels of two weeks of decreased applications to five year lows. As a contrast, the Labor Department says spending rose by 0.2 percent, which reflects the fact that, in December, incomes rose 2.6 percent, the most they have in 8 years.

The Gold price is falling on European selling. There was a retreat in the euro and European stocks prompting a profit taking sell off. This comes after the Fed reaffirmed their bond buying program. Analysts are saying that the lack of Gold’s response to this announcement is because the market had already factored this in. It is presumed to be too early for the Fed to stop the bond-buying program.

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

• Gold, $1,674.00, Down $7.90.
• Silver, $31.99, Down $0.23.
• Platinum, $1,676.00, Down $13.70.
• Palladium, $738.00, Down $14.40.

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