Los Angeles CA, December 8, (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Friday. Jobs Report reveals stagnant wages Gold steady. Gold is up 0.14 percent to $1,248.50 an ounce after tumbling $16.00 on Thursday to close at $1,246.80 an ounce.
Silver is up 0.57 percent to $15.79 an ounce after sliding $0.22 on Thursday to close at $15.70 an ounce. The Gold/Silver ratio hit a new one-year high rising to 79.41. Platinum is down 0.22 percent to $890.00 an ounce. Palladium is down 0.70 percent to $998.00 an ounce.
Gold rose in early trading Friday on bargain hunting and short covering after the Jobs Report beat expectations. The Bureau of Labor Statistics said that 228,000 jobs were created in November, well above the 198k economists were expecting.
Results from October were negatively revised, however, from +261 to +244k. The jobless rate remained steady at 4.1 percent and wages remained stagnant.
“Although the earnings growth disappointed, the market will not be deterred from expecting the Fed to still hike rates 25 bp [basis points] next week,” said Brown Brothers Harriman. The U.S. Dollar is up more than one-percent this week on expectations that the Fed will hike interest rates next week.
North Korea Rattling Sword
Meanwhile, safe-haven Gold ticked higher following President Trump’s decision to recognize Jerusalem as the capital of Israel. The UN Security Council called an emergency meeting Friday to discuss Trump’s decision as tensions mount in the Middle East. Eight nations from the 15-member Security Council requested the meeting.
North Korea is rattling its sword again, declaring that a nuclear conflict in the region is unavoidable. The US has ordered B-1 bomber flights over the Korean Peninsula which is keeping tensions high in the region. North Korea, meantime, is accusing CIA Director Mike Pompeo of provocation, while the United States seeks to denuclearize North Korea.
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