Morning Market Update Feb 1 - Gainesville Coins News
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Morning Market Update Feb 1

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Morning Market Update Feb 1

Gold shot up this morning to meet Wednesday's highs on unemployment numbers, which reinforce the likelihood that the Fed will continue open-ended quantitative easing. Unemployment rose from an adjusted 7.8% for December to 7.9% for January, despite the economy adding 157,000 new jobs. Gold saw some mid-morning profit taking after jumping nearly $20, but it still trading above Thursday's levels. Gold prices Thursday saw all of Wednesday's gains given up in a move with no single obvious reason. Jim Wyckoff of Kitco suggests that it was a combination of end of month position squaring, short-term profit taking, and repositioning ahead of this morning's  jobs report.

Positive economic news from China helped Asian stocks overnight, and European stocks got a boost from German PMI numbers which showed a rise from 46.0 to 49.8. Inflation for the Eurozone as a whole remained steady at 2%, which is the European Central Bank's target. The euro traded at a 14-month high against the dollar in European trading, with the dollar index trading weaker as a whole. Crude oil prices were slightly lower as analysts continue waiting to see if it can break the $100/barrel level.

by David Peterson

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