Gold And Silver Trading In A Tight Holding Pattern

GOLD

Today the Bureau of Labor announced that the statistics for the November nonfarm payroll increased by 227,000 new jobs, this was a big increase from October and a surprise to the financial markets. Gold initially sold off on the news then bounced back on fresh buying.

At 11am PT today, Gold is trading at $2,636 per ounce, up $7 on normal volume.

SILVER

The Silver price appears to be in a holding pattern, trading above and below the important $31 per ounce level. I am confident that when Gold moves above $2,650, Silver will establish a firm base above $31.

At 11am PT today, Silver is down $0.08 per ounce, trading at $31.04 on average volume.