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USAGOLD Daily Press Release

The following reports are prepared for the benefit of our clientele and the media. Please attribute quotes to Pete Grant at USAGOLD.com

Morning Snapshot

by Peter A. Grant

February 03, AM
(from USAGOLD.com) --

Gold retreated into the range after establishing a new 11-week high at 1763.15. The retreat is likely associated with profit taking after a nice weekly gain, and the diminished appeal of gold as a safe-haven after better than expected headline nonfarm payrolls numbers.

The rise in payrolls was better than expected at +243k and the unemployment rate dropped to 8.3%. However, looking behind the numbers we see a rather startling 1,252,000 surge in "Persons not in the labor force". The participation rate actually fell by 0.3%, but showed steady in the report at 63.7% (a 30-year low) due to a change in how the survey is conducted. Additionally, there was a record surge of 699k in the number of part-time workers, while full-time jobs rose by just 80k. Seasonal adjustments seem to be to blame for much of the disparity. While the stock market ran with the positive headline numbers initially, optimism has been tempered as analysts and investors drill a little deeper into the data.

US services ISM for January came in above market expectations, but December factory orders disappointed.

So here it is another Friday and still there is no deal with private holders of Greek bonds. Two weeks ago a deal was "imminent." Last week a deal was "hours away." I guess that Greek official was talking 168 hours or more.

There also continue to be a broadening realization that the €130 bln second bailout deal that was agreed to back in October — part of which was the non-existent PSI deal — simply isn't going to be enough. The latest estimates put Greece's needs closer to €150 bln.

• US factory orders +1.1% in Dec, below market expectations of 1.5%, vs 2.2% in Nov.
• US ISM services index jumped to 56.8 in Jan, well above market expectations of 53.2, vs 53.0 in Dec.
• US nonfarm payrolls +243k in Jan, well above market expectations of +155k; unemployment rate dips to 8.3%.
• Canada employment +2.3k in Jan, well below market expectations of +25.0k; unemployment rate rose to 7.6%.
• Eurozone retail sales -0.4% in Dec, well below market expectations of +0.3%, vs postive revised -0.4% in Nov; -1.6% y/y.
• Eurozone Markit PMI - Composite confirmed at 50.4 in Jan; services ticked lower to 50.4, vs 50.5 preliminary read.
• UK CIPS Services PMI rose to 56.0 in Jan, above expectations of 54.2, vs 54.0 in Dec.

Peter Grant is USAGOLD's resident economist and a well-known analyst globally in the forex and precious metals markets.

Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. Centennial Precious Metals, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD - Centennial Precious Metals does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

Daily Gold Market Report PM

with Jonathan Kosares

May 11, p.m.

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Pete Grant is the Senior Metals Analyst and an Account Executive with USAGOLD - Centennial Precious Metals. Read bio...

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