Both Gold & Silver Prices Hit Hard On Negative News

GOLD

Just-released today was the May employment report from the U.S. Labor Department and its key non-farm payrolls figure up 272,000 jobs. That’s well above the consensus forecast for up 190,000 and compares to the revised April report gain of 165,000 jobs. This news plus the Chinese central bank stating it was halting Gold buying caused the Gold price to drop from $2,388 to $2,301 in a very short period. The People’s Bank of China (PBOC) paused Gold purchases in May after 18 consecutive months of buying.

At 11am PT today, Gold was trading at $2,310 per ounce, down $64 on heavy volume.

SILVER

Silver reacted with Gold based on the payroll increase and the Chinese statement. Silver dropped to $29.09 per ounce from $31.58 in a short period. At the lows of the day there was strong bargain buying.

At 11am PT today, Silver is down $1.90 per ounce, trading at $29.40 on strong volume.