This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gold Prices Surge on Weak Jobs Data

The good news for the president was that with the shrinking labor market, the unemployment rate ticked down to 8.1% from 8.3% in July. But it will become more of a political talking point than a referendum for a turnaround.

One analyst pointed out that Friday's jobs number revealed what Bernanke meant when he said last week that there was a grave jobs concern.

"The dip to 8.1% unemployment will come nowhere near countervailing the non-farm payrolls lack of growth and, after all, his mandate is to grow the job garden," wrote Jon Nadler, a senior analyst at Kitco metals.

The euro was posting a solid gain on Friday as it rose $1.2759, up from the previous evening's $1.2631.

With possible easing in the United States and crisis in Europe, it appears gold may not have reached a peak, but another analyst suggests the eurozone, not the Fed, would be the big catalyst for gold.

"While the rising expectation of another round of QE3 is the most likely catalyst for the next leg of the gold bull market, the lower probability, but high impact risk of a full-blown Euro crisis could also be a catalyst for the gold price to break higher," Tim Harvey, senior vice president at ETF Securities U.S., wrote in a Friday note.

Gold mining stocks were surging higher Friday. Goldcorp (GG - Get Report) was gaining 2.3%, while Eldorado Gold (EGO - Get Report) was rising about 3.1%.

Among other mining stocks, Barrick Gold (ABX - Get Report) was up 2.2%, while Yamana Gold (AUY - Get Report) was adding 2.5%. Kinross Gold (KGC - Get Report) was up 5%.

>Contact by Email.

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ABX $12.52 0.00%
AUY $3.83 0.00%
EGO $4.70 0.00%
GG $19.01 0.00%
KGC $2.30 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs