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Gold and Silver Gain on Weak U.S. Data

Gold and silver spot prices increased slightly Wednesday due to a handful of economic reports that revealed a U.S. economy that is more sluggish than previously believed. Spot gold finished at $1339.60, up $4.30 for the day while silver gained a mere $0.04 to finish at $21.23 per ounce, according to the COMEX.

The ADP national employment report revealed that new jobs are not being created at a fast enough pace to beat the number of jobs being lost. The ISM non-manufacturing report on business was released today and the vast majority of that report’s indicators were negative. The Employment Index was down 8.9% and many respondents’ comments indicated that any growth was coming at a much slower pace than in a healthy economy.

China helped gold and silver prices to rise this morning as officials in that country announced a goal of 7.5% economic growth in 2014. This caused commodity markets to spike as China, the world’s second-largest economy, is the world’s #1 consumer of raw commodities. Gold and silver prices could have finished the day at higher levels than they did, but the de-escalation of the situation in Ukraine caused a stock market rally and took some attention away from the gold and silver markets.

Regular gold and silver market updates can be viewed at GoldSilver.org, and if trading metals for profit and/or safety is on your radar be sure to request your complimentary copy of the 2014 Gold and Silver Investing Guide below or by calling 800-394-3337 for expedited home delivery of that brochure and Real Money Magazine.

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