August's ADP Payroll Data Was Lower Than Expected

GOLD

The August ADP payroll data only gained 374,000 jobs, below the expected 600,000, and both interest rates and the U.S. Dollar sold off. Gold quickly rallied to $1,820 per ounce before seeing some light profit-taking. At 11am PT today, Gold is trading at $1,816 per ounce, down $2 on average volume.

SILVER

After the ADP numbers, Silver showed some life and quickly rallied back above $24, reaching a high of $24.37 before seeing selling with Gold. At 11am PT today, Silver is up $0.20 per ounce, trading at $24.25 on normal volume.