Anyone who wants to invest in precious metals will be looking for seasonal signals from economic data released last week as they attempt to find a sense of direction with summer now having ended. The first-time weekly jobless claims number increased by nearly 11,000 according to the U.S. Labor Department, with last week’s claims number being revised to 304,000; 2,000 higher than the previous estimate. This revised and increased number of jobless claims comes on the heels of a weaker than expected non farm payrolls report that was released earlier in the day, showing that the U.S. economy was only able to produce 142,000 jobs heading into fall, lower than the expected number of 225,000.
In geopolitical news that could impact those looking to buy rare gold coins and gold bullion, President Barack Obama announced that the United States is going to pursue a more stringent course of economic sanctions against Russia as Vladimir Putin continues his internationally condemned acts of aggression against Ukraine. The increased sanctions will be designed to target the Russian defense, energy and financial industries and will further isolate Russia from the international economic mainstream. The new U.S. sanctions have been planned to work synergistically with new and tougher European sanctions that were made public last week in Belgium, with details of the joint effort under further review by the European Union and United States today. The new sanctions are set to be implemented if last week’s cease fire between Ukraine and separatist troops fails to materialize.
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