Daily Market Report 3/4/16

GOLD

This morning the U.S. Labor Department released the February unemployment report. There were 242,000 new jobs created in February and the unemployment rate is still at 4.9%. When this news was released, Gold was trading at $1,260 and immediately dropped to $1,250 per ounce. Then within 10 minutes, massive buying appeared and the Gold price shot back up to $1,270, then slowly worked its way up to the high of today, $1,280 per ounce. This rally indicates that program trading is now fundamentally bullish, as professional traders continue to view any sell off as a buying opportunity. $1,280 is the highest price Gold has reached so far this year, and a 20% increase since January 1st. In late trading there was some short term profit taking as the weekend approaches. At 11am PST today, Gold is trading at $1,263 per ounce, up $5 on active trading.

SILVER

Silver finally took off with Gold today, quickly moving to a high of $15.81 per ounce. CME trading volume was the highest of the week today, as Silver clearly broke above its recent trading range. At 11am PST today, Silver is up $0.38 per ounce, trading at $15.51 on strong volume.