GOLD

Today the Labor Department said that U.S. employment increased by 200,000 jobs for January. This caused the U.S. Dollar and interest rates to rally and Gold/Silver and equity markets to decline. Gold hit a low of $1,328 briefly, before rallying back above the $1,330 per ounce support level. At 11am PST today, Gold is trading at $1,333 per ounce, down $12 on excellent volume.

SILVER

After the Labor Department statement, Silver couldn’t hold the $17 support level and quickly dropped to $16.66 per ounce. I’ve said this numerous times, Silver must be above $17 per ounce right now to stay short-term bullish. At 11am PST today, Silver is down $0.48 per ounce, trading at $16.72 on high volume.