Morning Gold & Silver Market Report – 5/4/2011
Peter LaTona
5/4/2011 8:14:00 AM
JOBS REPORT DISAPPOINTING - The ADP Private Sector jobs report just came out and the private sector added 179,000 jobs in April. This was lower than the expected 200,000. The one piece of good news is that layoffs reached a 2011 low. Stock futures which were already dropping in anticipation of this report, declined further on the announcement. Precious metal prices continued their retreat in overnight trading, but gold and silver are beginning to recover on today’s news.
News coming from Europe this morning. Portugal’s Caretaker Prime Minister Jose Socrates announced that after weeks of negotiation, Portugal has reached a three-year bailout agreement with the European Union and the International Monetary Fund. Although seen as a victory, in that this agreement avoided the tougher measures imposed on Greek and Ireland last year; some analyst see this as likely to spark a two-year recession.
Speaking of Greece, yesterday’s request for an extension of their bail-out loan, in an attempt to avoid restructuring debt is viewed with some concern. There are many in the investment community that see this as a first step, and an eventual restructuring as step number 2.
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,543.10 (up $1.20)
- Silver price - $41.67 (down 99 cents)
- Platinum price - $1,844.90 (down $16.60)
- Palladium price - $763.00 (down $21.40)
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
