-- Posted Friday, 2 October 2009 | | Source: GoldSeek.com
Gold Markets have had a volatile day today after the falls in international equity markets yesterday and this morning and then the poor jobs number today. After an initial sell off on the poor jobless number (somewhat counter intuitive), gold then bounced and rallied 2% (from a low of $987/oz to over $1,007/oz in some two hours). Dollar weakness and risk aversion in the wake of the poorer than expected jobs number led to gold’s gains. U.S. job losses increased last month and the rate of unemployment climbed to its highest level since 1983. This is a vivid reminder of how the worst financial and economic crisis since the Great Depression is likely to undermine consumer spending and economic growth in 2010. This concern and worries regarding the bad auto sales number and rumours of CIT’s bankruptcy should lead to gold remaining well supported close to $1,000/oz. Especially as there is good international demand for physical at these levels as seen in the recent London AM and PM fixes (01-Oct-09 AM $1005.75 £628.59 €689.77 ; PM $1004.75 £629.54 €690.41 and 02-Oct-09 AM $998.00 £628.27 €685.82 ; PM 1003.50 £630.74 €686.48 ) A close above last week’s close ($994/oz ) would be very positive from a technical viewpoint and the shorts will be doing all in their powers to turn the longs into sellers. A close below $994/oz would paint the tape and do technical damage to gold in the short term. But the fundamentals remain strong especially as dollar uncertainty is likely to lead to further central bank diversification into gold. Gold is currently trading at $1,003.20/oz.
Silver
Silver reacted to the poor jobs number I the same way as gold and is currently trading at $16.20/oz.
Platinum Group Metals
Platinum is currently $1,275, palladium is $294/oz and rhodium is $1,575/$1,675/oz.
WINNERS MoneyMate and Investor Magazine Financial Analysts 2006
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