Gold & Silver Commentary – 05Mar

Posted: 05 Mar 2010, 5:19pm (PRECIOUS)


Gold traders appear to have taken some profits off the table ahead of today’s non farm payroll figures. Having reached seven week highs, the precious metal eased back for the first time in six days, so traders will now run the rule over today’s jobless release to see for signs of inflation. The release today could well have a large impact on confidence in the USD.

Both the ECB and MPC left interest rates unchanged in the Eurozone and the UK respectively yesterday.

The Greeks stated that they had substantial interest in their new 10 year euro denominated bond, and their 5 year bond is 3 times oversubscribed.

Speculation in the Japanese press that the Bank of Japan might ease monetary policies in order to keep money flowing through their economy.

Analysts expect unemployment to rise to 9.8% in the US from 9.7%, but it may be pertinent to eye average hourly earnings.

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