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In this Weekly Market Report for Precious Metals we see price gains after jobs data was released. The U.S. non-farm payroll data that was released on Friday, September 2, 2016 showed that employment growth slowed more than expected in August. The Federal Reserve seems to be more focused on the flow-through on wages, rather than creation numbers and while wages still rose, it is not enough to create the threat of inflation. This has led investors to again doubt that the Federal Reserve will raise interest rates at the end of the month. Japan and Europe are still in need of economic stimulus, which the Fed is also sensitive to. Additionally, this week investors noted that an oil market pact between Saudi Arabia and Russia lacks substance. Monday, September 5, was the Labor Day holiday in the U.S. and markets were closed. We will be watching to see if recent gains continue during this shortened trading week.
Gold began the week at $1318.75 per ounce. On Thursday it was down to $1309.50. Friday marked the start of the uptrend, with gold ending at $1324.70. Gold got another price boost on Monday up to $1329.50. With the dollar slightly weaker due to less probability of a rate hike in September gold is again gaining momentum.
Silver started the week at $18.67, and was down to $18.65 on Thursday. It ended Friday up at $18.75. On Monday silver saw big gains, up almost a full dollar to end at $19.58. This is a two-week high for silver. We will look to see is silver settles back near the 72:1 ratio against gold this week, as that is an ideal time to buy.
Platinum and Palladium
Both platinum and palladium saw downward movement for most of the week, but took advantage of upward momentum on Monday. Platinum started out at $1077.00 and was down to $1052.00 to end Friday. Platinum followed the other metals on Monday and was up to $1071.60. Palladium began the week at $690.00 and was down to $670.00. On Monday palladium ended up, reaching $677.30.
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