Morning Gold & Silver Market Report – 2/1/2013

Ryan Schwimmer

2/1/2013 8:03:00 AM

JOBS DATA DISAPPOINTS AS UNEMPLOYMENT RISES

Gold and Silver prices jumped this morning after the release of U.S. payrolls data. In a report before the release, UBS said, “Current price levels, which are essentially where Gold hovered before the U.S. GDP print, suggest that expectations are once again skewed towards positive payrolls figures.” The prices of Gold and Silver were both flat before the data, so investors seem to be disappointed by the report.

Employment grew in January; however, it was not enough to offset the unemployment rate’s increase. The economy added 157,000 nonfarm jobs, but unemployment increased to 7.9 percent. One likely reason this affected Gold and Silver is that the Federal Reserve is unlikely to make any changes to its very accommodative monetary policy with that news. The Fed has set actual goals for the unemployment rate – 6.5 percent – and quantitative easing is expected to continue until the unemployment rate hits that figure.

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

• Gold, $1,674.10, Up $11.60.
• Silver, $31.93, Up $0.55.
• Platinum, $1,690.80, Up $15.40.
• Palladium, $748.00, Up $1.30.

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