Gold And Silver Surge On Unemployment News

GOLD

The U.S. Labor Department showed a surprise increase in the October’s nonfarm payrolls of 261,000 jobs this morning, and the unemployment rate moved higher to 3.7%. This news could help make the federal Reserve to not increase interest rates in December. Gold and Silver immediately rallied on the news with Gold reaching a high of $1,677, as $44 dollar increase. At 11am PT today, Gold is up $40 per ounce, trading at $1,673 on excellent volume.

SILVER

Silver followed Gold higher this morning on the unemployment news, and broke though the $20 per ounce resistance level and kept on going. Silver reached a high today of $20.90 per ounce before seeing some short-term profit-taking. At 11am PT today, Silver is trading at $20.65, up $1.09 for the day on excellent trading volume.