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Gold & Silver Rebound Thanks to New U.S. Data

The gold spot price hit an intraday high of $1,296 Thursday after newly released U.S. economic data revealed the recovery may not be going as well as previously thought. As of 10am EST gold had climbed $12.30 to $1,296.40 per ounce, and silver was not looking too shabby either with a daily spot price of $20.28, up $0.08 so far during today’s trading session.

Two key data points moved the gold and silver markets today. Although the U.S. labor Department reported last week that 113,000 jobs were created in January after a December in which 75,000 jobs were created that same department reported today that first-time filers for jobless claims rose  by 8,000 last week to a total of 339,000 new claims.during the week to Saturday, the Labor Department reported Thursday.

The four-week running average for jobless claims is often considered a more reliable statistic because it irons out eccentricities in the job market, and that figure is up by 3.500 today to a total of Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week fluctuations – was up 3,500 to 336,750 claims.

The U.S. dollar index fell again today and this boosted gold and silver prices somewhat, although there was a degree of profit-taking according to the Kitco Gold Price Index. Gold Stock Analyst’s John Doody believes that silver, largely used for industrial purposes, is currently suffering due to the slow economy but many other analysts believe that the gold/silver ratio will eventually shrink to as much as 15:1. For regular updates on the gold and silver investing markets bookmark GoldSilver.org and don’t forget to scroll down this page to get up to 4 of our 2014 gold and silver investment guides.

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