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In overnight and early morning trading, Precious Metals prices were on the rise ahead of a key jobs data report due for release today. Worries continue to mount over European Union economic issues, and Chinese manufacturing data continues to shrink, but Precious Metals are offering some safe haven protection. Current economic conditions have some investors hopeful that another round of quantitative easing could be back on the table. Analyst Michael Lewis said, “The payrolls number today could be important in terms of whether it shows ongoing weakness. If we do see that, that could introduce quantitative easing speculation. … Dollar strength is going to be the big problem over the next few weeks.”
The jobs data could be good or bad — speculation is running the gamut at the moment. Credit Suisse economist Jonathan Basile said, “I would say there’s been a downshift in forward looking labor indicators that’s going to continue. We’re not going back to the 200,000 plus numbers anytime soon. Faster job growth needs people and companies to open their wallets. Higher jobless claims are another way to handicap that. The higher they go, the more it means there’s ‘risk off’ in labor decision making. … But we have gotten a run of information that’s a little bit softer from a layoff perspective and just solidifying a downshift in job growth. It’s not just information that tracks the labor market. The growth number didn’t make the grade.” A large issue at hand is the exposure companies have to international markets. Economist Stephen Stanley said, “The sources of impediments to growth really aren’t on the demand side. The biggest problem that we have right now is uncertainty. Europe is coming back to the fore again.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,584.10, Up $20.40.
- Silver, $28.02, Up $0.18.
- Platinum, $1,409.60, Down $10.00.
- Palladium, $604.70, Down $9.20.