Gold rallied on August Jobs Report

GOLD

The U.S. economy is moving along with the August Jobs report being released today by the Labor Department. We added 156,000 new jobs in August, as the pace of hiring slowed, and unemployment moved higher to 4.4%. Gold rallied $5 on this news, as fresh buying continues at a good pace. Gold traded today in a nice narrow $12 range from $1,316 to $1,328 per ounce, building a firm base. At 11am PDT today, Gold is up $7, trading at $1,324 on Friday light volume.

SILVER

Silver hit a four month high this morning of $17.78 per ounce. The support level appears to be moving from $17.20 to $17.50, as professional traders and hedge funds are getting more aggressive. Many traders liquidate their commodity contracts as we enter a long holiday weekend. I believe they will stay bullish next Tuesday when they return and start trading again. At 11am PDT today, Silver is up $0.17 per ounce, trading at $17.72 on normal volume.