Daily Market Report 6/3/16

GOLD

I got my news…

The U.S. Labor Department said today that Nonfarm payrolls increased by only 38,000 jobs last month, the smallest gain since September 2010. In May, manufacturing and construction employment fell sharply, suggesting slippage in the labor market that will make it harder for the Federal Reserve to raise interest rates. After the Labor Department statement, Goldman Sachs said “there is a zero percent chance the Fed will raise interest rates in June.”

This news was a negative for the U.S. Dollar, but a stimulus that the precious metal markets needed. Gold quickly rallied $30 per ounce, reaching a high of $1,243 on excellent volume. At 11am PDT today, Gold is trading at $1,241 per ounce, up $29 per ounce on excellent Friday volume.

SILVER

Silver did rally with Gold this morning, but considering its recent highs/lows I feel the increase should have been more. Silver hit a low this morning of $15.93 before moving with Gold to reach a high of $16.48 per ounce. At 11am PDT today, Silver is up $0.32, trading at $16.34 per ounce good volume.