Morning Gold & Silver Market Report – 6/4/2013

Ryan Schwimmer

6/4/2013 8:00:00 AM

FRIDAY DATA EYED FOR CLUES TO QE’S END

The Gold price is giving up yesterday’s gains in morning trading as investors speculate on upcoming economic data and the end of the Fed’s quantitative easing program.  U.S. nonfarm payroll data will be released Friday, and many investors will be looking to the report for clues on the current state of the economy.  Mark Keenan of Societe Generale said, “Signs of when monetary easing is going to taper are going to be a function in the short term (for Gold prices).  We are going to get over-scrutinized analysis of any signs that might suggest it could end slightly earlier than anticipated.  Employment numbers in the United States have always been and will remain a key barometer to affect any tapering.”

The trade deficit in the U.S. is yet another figure the Fed watches to gauge the status of the economy, and a report this morning showed that the trade deficit widened in April by 8.5 percent.  Many economists were expecting an even larger increase, however, so stock futures added to gains.  The trade gap rose individually with China, the European Union, the OPEC oil producing countries, and Japan, though the deficit related to petroleum fell.

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

• Gold, $1,397.10, Down $16.80.
• Silver, $22.42, Down $0.40.
• Platinum, $1,488.30, Down $10.60.
• Palladium, $751.30, Down $7.80.

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