TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Precious metals prices turned sharply higher on Friday with Gold adding $12.95 or 1.01 percent to trade at $1,295.10 an ounce, while Silver gained $0.01 or 0.05 percent to trade at $20.41 an ounce after the Dow plunged triple digits for the second day in a row. Global stock markets followed suit with Asian and European indices down on Friday as conflicts deepened in the Middle East and Ukraine.
The Gold price soared after the Bureau of Labor Statistics released its Non-Farm Payrolls report showing the U.S. economy added just 209,000 new jobs in July, well below the 230,000 jobs that economists were expecting. “This morning’s numbers helped Gold because it means that the Fed will continue to stick to their guidance of keeping rates lower longer,” said George Gero, of RBC Capital Markets Global Futures.
Had the data surprised to the upside, Gero feels that investors would be worried about the Fed tightening sooner. “Today’s numbers show that the economic growth is not consistent with the market expectations,” said Edward Dempsey, of Pension Partners. “People think that this number is an indication that the rate hike will not happen soon.”
August hasn't disappointed market watchers this year, not with a one percent jump in the Gold price on day one. You see, August together with September and November, are some of the best months of the year for owning Gold. Precious metals often see seasonal weakness during the summer doldrums months of May, June and July, but August often refreshes the spirit after a long dry summer. Investing in physical Gold should be considered, however, a long term investment, not short term speculation as in futures trading.
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