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April 4, 2013

Release Date: 
Thursday, April 4, 2013

Gold prices recovered after falling in early morning trading on the New York Spot Market while silver prices remained unchanged. The yellow metal received support after the European Central Bank, commenting on the weak European economy, stating it was prepared to cut interests. (Gold claws back from 10-month low on dovish ECB,” Reuters India, 4/4/13.) You can view the most recent precious metals and stock index prices here.

Thomson Reuters GFMS updated its gold survey, stating “gold to average an all-time high over the first half of 2013…. of well into the $1,800s (per ounce) … [t]he environment for gold investment remains very positive into 2013.” In summarizing the survey, Phillip Klapwijk, Global Head of Metals Analytics at Thomson Reuters GMFS, said “many of the factors that have underpinned gold’s bull run to-date remain in place and will return to the fore this year….  Although there is now growing speculation around the structure and longevity of the Fed’s QE programme, policies of ultra-low interest rates across the western economies will persist in 2013.  This will continue to support investor interest in gold in the absence of low risk investments that can offer acceptable yields.” (“Gold prices to peak in 2013: GFMS survey,” Mining.com, 4/4/13.)

Unemployment claims for a third straight week, rising to its highest level since November. A report on the jobless figures also indicates future layoffs are expected to climb. The authors of the report stated,“On the hiring front, we saw a significant drop from the first two months of the year….While consumer spending is up in 2013, many retailers have been fighting for their lives since the end of the recession…” (“Unemployment Claims Climb As Layoffs Surge To Highest Level Since 2011,” Fox News, 4/4/13.)

North Korea appeared to move closer to war, deploying missile and launch components which could threaten South Korea, Japan and Southeast Asia. A U.S. official stated that communication intercepts indicate that North Korea may be planning to launch a mobile ballistic missile in the coming days or weeks. (Amid Pyongyang bluster, missile launch feared,” CNN, 4/4/13.)

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†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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