Morning Gold & Silver Market Report – 3/8/2013
Nicholas Wilsey
3/8/2013 9:01:00 AM
GOLD DROPS SWIFTLY ON JOBS REPORT
This week saw relatively flat Gold prices until today’s release of the February jobs report, which proved to be better than expected. The report shows 236,000 jobs added to the workforce in February, with the unemployment rate falling to 7.7 percent. The United States Federal Reserve has been very vocal regarding the correlation between their monetary easing program and the unemployment rate. With the positive jobs report, there is speculation that the Fed may start decreasing the easing and in turn cause a drop in Gold’s market value.
As the employment report led to an unexpected rise in stocks, it is just part of a wave of positive economic news. The stock market has rallied to pre-recession levels, both China and Japan have beaten their fourth quarter estimates on gross domestic product, and the outlook for the global marketplace has improved. “This is a uniformly strong report that’s going to be supportive of economic growth and the markets,” Alan Gayle, senior investment strategist at RidgeWorth Capital Management in Richmond, Virginia, said by telephone. His firm oversees about $48 billion. “Bull markets need care and feeding, and this is the kind of report that is a healthy dose of good news. More jobs mean more income, which means more spending.”
At 9:00 am (EDT), the APMEX precious metals spot prices were:
- Gold, $1566.80, Down $10.30.
- Silver, $28.56, Down $0.30.
- Platinum, $1595.40, Down $1.70.
- Palladium, $768.80, Up $10.70.
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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
