Morning Gold & Silver Market Report – 11/13/2014

Brandi Brundidge

11/13/2014 10:36:00 AM

GOLD SLIGHTLY SUPPORTED BY HIGH UNEMPLOYMENT CLAIMS

Gold and Silver are slowly climbing this morning due to a softer U.S. dollar after European stocks were 0.4 percent higher and weaker than expected economic data was released. According to the Labor Department today, jobless claims were higher than expected with a reported 290,000 claims for state unemployment benefits for the week ending November 8^th.  Although the market does not seem to have high rates of layoffs, workers appear to lack confidence in the labor market at this time.  "Every time prices move up, they come under pressure. For now, Gold is really waiting for a new driver,” ABN Amro analyst Georgette Boele said.  Investors are curious to see what can step in and assist Gold as mixed U.S. economic data continues to be reported, which doesn’t show a heathy economy as the Fed is portraying. 

Crude oil fell to a four year low heavily due to the European Union, the U.S. considering new sanctions towards Russia’s economy and OPEC conflicting with global requests to cut production. A Bloomberg survey from data provided by the Energy Information Administration today suggested that U.S. crude inventories have increased for the sixth week with an estimated 1.1 million barrels through November 7^th. 

At 11:35 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,166.40 Up $4.30
• Silver, $15.75 Up $0.03
• Platinum, $1,203.10 Down $4.20
• Palladium, $771.80 Down $2.90

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