Mid-Day Gold & Silver Market Report – 3/12/2013

Brandi Brundidge

3/12/2013 1:52:00 PM

ECONOMISTS HAVE HIGH HOPES FOR JOBS MARKET

Gold rose today after European Central Bank (ECB) Policymaker Jens Weidmann announced inflation pressure relief could suggest further easing measures. Standard Bank Analyst Walter de Wet said, “It may be that the comments of Jens Weidmann made the market move … if we manage to push the market convincingly through $1,592, we may see a push towards $1,600 and until the New York market opens we should stay around current levels.”

The U.S. job market is slowly but surely picking up, JPMorgan Chase Senior Economist James Glassman confirmed, saying, “We’ve got a long way to go to get back to a fully employed economy, but we are on the road.” He continued to say, “If you look at the labor market data, you can’t find any evidence of this political debate that is going on, the fiscal cliff, all that.” The U.S. Labor Department reported today in the 12 months ending in January, the economy produced a net 2 million jobs, with an estimated 52 million hires and 50 million separations. 

At 1:10 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,593.30, Up $13.30.
• Silver, $29.23, Up $0.32.
• Platinum, $1,597.50, Down $5.70.
• Palladium, $773.10, Down $5.10.

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