August U.S. Jobs Report Causes Gold & Silver To Climb

GOLD

A very disappointing August U.S. Jobs report drove the price of Gold and Silver higher this morning. The consensus forecast for the August Jobs report was 720,000 new jobs, however when the U.S. Labor Department stated a surprise 235,000 new jobs, all of the financial markets reacted. The Dow Jones and U.S. Dollar Index both quickly dropped (U.S. Dollar Index below 92). Gold reached the recent $1,835 per ounce resistance level before seeing light selling. At 11am PT today, Gold is up $22 per ounce, trading at $1,835 on good volume.

SILVER

Silver was a bigger beneficiary than Gold from the sizeable drop in the U.S. employment numbers. While the Gold price jumped over 1%, the Silver price increased over 3%, testing the key $25 level, before seeing some profit-taking. At 11am PT today, Silver is trading at $24.81 per ounce, up $0.80 on excellent volume.