Mid-Day Gold & Silver Market Report – 3/8/2013
Ted Prince
3/8/2013 12:00:00 PM
GOLD BACK TO EVEN FOLLOWING MORNING SELL-OFF
After an initial price dip this morning, Gold has recovered ground lost to a reactionary sell-off triggered by strong non-farm payroll data. “The market interpreted today’s jobs data as being bearish for Gold, and the metal initially sold off as expected,” Gold Newsletter Editor Brien Lundin said. “But the downturn failed to gain momentum, and this indicates that the selling has been exhausted.” The lower overall Gold price in 2013 has created a strong buying opportunity for both central banks and individual investors.
As the jobless rate has improved to a four-year low, investors who are optimistic about the economic future have helped boost stock prices. However, the 236,000 additional jobs is still below the target of 250,000 new hires that economic experts say are needed on a prolonged basis to improve the current unemployment rate. Quantitative easing has been activated in an effort to stimulate the lagging economy until significantly lower unemployment is realized. The Federal Reserve is currently making monthly bond purchases of $85 billion which have caused many economists to predict further weakening of the dollar. Historically, the printing of money and inflationary concerns have had very positive effects for Gold.
At 1:00 pm (EST), the APMEX precious metals spot prices were:
- Gold, $1578.70, Up $1.60.
- Silver, $29.04 Up $0.19.
- Platinum, $1600.50, Up $3.40.
- Palladium, $786.70, Up $28.70.
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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
