Gold & Silver drop on stronger U.S. Dollar

GOLD

This morning the U.S. Department of Labor stated that June employment increased by 222,000 workers, much higher than expected. The U.S. Dollar and interest rates rallied quickly on this news and Gold and Silver started dropping. Gold reached a low of $1,207 per ounce before major buying appeared. At 11am PDT today, Gold is trading at $1,212 per ounce, down $12 on heavy volume.

SILVER

Silver dropped on the same employment news, reaching a new 2017 low on heavy trading volume. At one point, in early morning trading, there was a flash crash or computer entry mistake that caused a trade of Silver under $14.50. Silver quickly moved over a dollar higher and stabilized. At 11am PDT today, Silver is trading at $15.52, down $0.50 per ounce on heavy volume.