Gold And Silver Moving To 30 Day Highs

GOLD

Lots of bullish news for Gold over this holiday weekend. This morning’s data showed U.S. non-farm payrolls are pretty flat rising by only 206,000 jobs in June, slightly higher than the 190,000 new jobs forecast. The estimated job growth for May was revised down to 218,000 new jobs from 272,000. U.S. interest-rate futures prices reflected continued market confidence in a September rate cut with the implied probability remaining at about 72%. The U.S. Dollar has been moving lower, with the index dropping from 106 to below 105 in the past week. Put these three economic indicators together and you get the $55 increase in the Gold price in just three trading days this week.

At 11am PT today, Gold is trading at $2,385 per ounce, up $27 for the day and up $57 for the week.

SILVER

Silver followed Gold higher based on the three above mentioned U.S. economic indicators. While Gold was up $60 (2.57%) this week, Silver is up $ 2.41 (8.32%).
We are seeing strong demand for silver bullion coins and bars and future contracts.

At 11am PDT today, Silver is up $0.84 for the day, trading at $31.20 on light volume.

The Silver-to-Gold ratio has dropped to 76.4-to-1.