GoldCore Precious Metals Update - Poor US Jobs Report Leads to Renewed Risk Aversion

GoldCore Precious Metals Update – Poor US Jobs Report Leads to Renewed Risk Aversion

5, October

Gold
Gold surged back through $1,000/oz on Friday, as the dollar weakened based on poor US non-farm payroll data. It is holding above that level and a continued hold above $1,000/oz should signal that gold has strong fundamentals despite its recent behaviour being influenced by short term dollar fluctuations.

The poor US jobs report on Friday has led to falling stock markets in Asia and a tentative start in Europe. Concerns regarding a second economic downturn will likely lead to renewed risk aversion and this bodes well for gold and should see gold make new (nominal) record highs in the coming weeks.

Silver
Silver is currently trading at $16.28/oz.

Platinum Group Metals
Platinum is $1,284/oz, palladium is $9/oz above its Friday fix, currently trading at $300/oz. Rhodium is trading at $1,550/$1,650/oz.

Stephen Flood

Stephen Flood is the CEO of GoldCore. He is a former Wall Street equity trader and FinTech expert. He has been involved in the precious metals markets since 2004 and has appeared as an expert contributor on CNBC, CNN, BBC, RTE & Bloomberg TV and has had articles published in the Irish Times, Irish Independent and The Sunday Business Post.

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