Daily Gold & Silver Market Report – 5/9/2016
Paul Stevens
5/9/2016 12:58:00 PM
METALS DECLINE ON DOLLAR BUMP
Precious Metal prices are giving back recent gains and are on the decline Monday. After Friday’s disappointing jobs data showed a decline in U.S. job production, the dollar lost ground as Gold and Silver prices gained. However, a bump in the dollar along with some investors cashing in on Gold’s recent success prompted investor appetite for riskier assets, pushing metals down. UBS analyst Joni Teves said, “The bounce in the dollar has also contributed to (the pullback), and this period is seasonally slow for Gold.”
Stocks around the world are struggling as energy and manufacturing numbers continue to fall. Global economies have attempted to figure out how to stimulate growth while tightening stimulus efforts. As central banks weigh their strategies, investors’ appetite for risky stocks is in question. Paul Nolte, portfolio manager at Kingsview Asset Management, said, “Easy money and free money is what the markets are most interested in. … So any time you say ‘we’re going to tighten things up a bit,’ the markets don’t take that well.”
At 1:55 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,267.70 Down $26.90
- Silver, $17.11 Down $0.45
- Platinum, $1045.50 Down $39.10
- Palladium, $584.80 Down $23.40
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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
