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Jobs Numbers Boost Precious Metals

Jobs Numbers Boost Precious Metals
Category: Market Reports
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Posted: 09-02-2016 12:29:00 PM

Silver is having a banner year in 2016, with prices up 44 percent from January through August. This includes both physical silver and the silver-backed ETF and mutual funds.

As the week comes to a close, precious metals remain quite sensitive to even the slightest movement among leading market indicators. Much like objects in the side mirror on your car, a looming interest rate hike on the horizon was thought to be much closer than indicated. However, a late-breaking performance survey on Thursday showed unexpected weakness in the manufacturing sector.

Today’s weaker than expected job report strengthens the argument of those who say there will not be an interest rate hike anytime soon. However, most market insiders do foresee an interest rate hike in the near-term, but that could also mean December—after the U.S. Presidential election. August’s job report of 151,000 is significantly lower than the expected 180,000, with the jobless rate remaining basically unchanged at 4.9 percent. Of course, August is historically a sluggish economic month with September sparking movement. The question is…how will August’s job number’s impact the Fed’s September 20th meeting?

Silver is having a banner year in 2016, with prices up 44 percent from January through August. This includes both physical silver and the silver-backed ETF and mutual funds. Sales of silver coins are also skyrocketing, with a 29 percent increase in just the first quarter of 2016—coming on the heels of 2015’s record-breaking year.

It’s been an interesting week and the precious metals market news shows no signs of slowing as we enter a new month. All four metals jumped with the job number release this morning. Here’s a peak at the activity at press time:

  • GoldAfter lingering around 1,310, gold initially jumped up $18, but has settled to $1,323.
  • SilverThe grey metal’s 24-hour position in the 18.80s was boosted $.40, settling now to $19.18
  • PlatinumThis metal leapt $15 from the upper 1040s, but has quickly fallen lower, hanging now in the mid $1,050s
  • PalladiumThis metal has also backed off quickly from the impulsive $10 boost from the upper $660s. Palladium now rests in the lower $670s.
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About The Author

Walter Pehowich Author Name: Walter Pehowich
This editorial has been prepared by Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

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