Daily Gold & Silver Market Report – 4/1/2015
Brandi Brundidge
4/1/2015 10:29:00 AM
GOLD UP ON POOR JOBS REPORT; MINABLE RESERVES MAY BE DISAPPEARING
Gold climbed back up Wednesday after a report showed U.S. private sector created only 189,000 jobs in March compared to an estimated 225,000. The data reported the majority of new positions came from the service sector in small businesses. This is the first time since January 2014 private companies added less than 200,000 jobs. “The fallout from the collapse in oil prices and surge in the value of the dollar is hitting the job market,” Moody's Analytics economist Mark Zandi said in a statement. “Despite the slowdown, underlying job growth remains strong enough to reduce labor market slack.” The nonfarm payrolls report released Friday is expected to report 248,000 new jobs.
A report by Goldman Sachs may alarm Gold bugs with news the world has an estimated 20 years’ worth each of identified minable reserves of Gold, diamonds and zinc. The data also shows Platinum, Copper and nickel have a projected 40 years or less left of minable reserves. “The combination of very low concentrations of metals in the Earth’s crust, and very few high-quality deposits, means some things are truly scarce,” Goldman Sachs European metals and mining analyst Eugene King wrote in a research note. “Gold has been used as a measure of wealth for more than 4,000 years, as the ancient Egyptians soon worked out that Gold was not only shiny and heavy, but rare.”
At 11:30 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,204.60 Up $18.80
- Silver, $16.94 Up $0.25
- Platinum, $1,160.50 Up $15.60
- Palladium, $747.00 Up $9.70
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
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
