Morning Gold & Silver Market Report – 11/10/2014
Paul Stevens
11/10/2014 10:15:00 AM
METALS CONTINUE FIGHT AS WEAK JOBS DATA CONTINUES TO WEIGH ON DOLLAR
Precious Metal prices are down during morning trading hours giving back some of their recent gains from Friday when they rebounded from 4-1/2 year lows. Friday’s less than stellar payrolls report missed investor expectations giving metals a slight boost, but many are still concerned with the rising stock market and data showing an upbeat U.S. market. Simon Weeks, head of precious metals at Bank of Nova Scotia said, “There are a lot of people who'd prefer to see positive economic data, and see equities higher, and see ETFs lower, and I don't think anything's going to change that in the short term.” He went on to add, “The market still looks vulnerable.”
The U.S. dollar is beginning the week on the decline as investor concern over weaker than expected jobs data released Friday, has curbed investor desire for risk. Also, recent announcements made by the Japanese Central Bank stating they will again begin monetary easing and speculation that the European Central Bank is not far behind could have a major effect. Geoffrey Yu, a strategist with UBS in London said, “The dollar has had a good run of late and those who have been short euro dollar for example have just taken this chance (to take stock).”
At 11:14 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,165.30 Down $7.00
- Silver, $15.70 Down $0.10
- Platinum, $1,206.50 Down $8.30
- Palladium, $771.00 Down $2.60
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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
