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April 5, 2013

Release Date: 
Friday, April 5, 2013

Gold and silver recovered their luster on the last trading day of the week, although prices ended lower on the New York Spot Market for the week. Gold and silver were buoyed by weak employment numbers released today. You can view the most recent precious metals and prices here .

Analysts projected the economy would add 200,000 new jobs. Instead, the economy only added 88,000 new jobs. “"It was a disappointing number ... it kind of takes the wind out of people who are talking about the end of QE," a senior market strategist with Kingsview Financial told the Wall Street Journal. (“Gold Jumps on Weak Payrolls Report,’ WSJ, 4/5/13.)

"This is an extremely troubling labor-market report, given how strongly stocks have rallied and how much expectations have been lifted with optimism around the consumer and housing," said the economist at Bank of the West. (“U.S. Economy Adds Just 88,000 Jobs,” WSJ 4/5/13.)

The Bank of Japan (BOJ) plans to double the country’s money supply in an effort to reverse two decades of deflation and revive the once powerful economy. In what seems to be a precarious goal, the BOJ wants to stimulate inflation with a target of 2%. “This is unprecedented on many levels,” said a former financial-market adviser to President George W. Bush. “Not only do you have the most in terms of size of economy or number of central banks, but the effort is a record effort. We’ve never seen such unconventional methods used to create as much inflation as possible.” (“Bank of Japan Joins Fed, ECB in Record Stimulus,” Bloomberg, 4/5/13.)

North Korea continued its war preparations. After yesterday’s provocative move to load medium range missiles onto launchers, North Korea today advised embassies to consider evacuating their staff. North Korea’s Foreign Ministry said,  "The current question was not whether, but when a war would break out on the peninsula," because of the "increasing threat from the United States…” (“North Korea asks embassies to consider moving diplomats out,” Reuters, 4/5/13.)

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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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