Daily Market Report 6/7/13

GOLD

The U.S. reported stronger-than-expected jobs growth of 175,000 for the month of May. This number could encourage the Federal Reserve to start slowing its $85bn-a-month in asset purchases, but is unlikely to be strong enough to trigger such a taper when the central bank meets next week. This news caused the U.S. equity markets to rally sharply while Gold quickly sold off, reaching a low of $1,377 per ounce before seeing strong demand.

At 11am PDT today Gold is down $30 per ounce, trading at $1,384 per ounce on heavy volume.

SILVER

Silver broke down below the $22 per ounce support level this morning, reaching a low of $21.60 per ounce this morning. If the market actually closes near that level, it will be the lowest close since 2010.

At 11am PDT Silver is trading at $21.70, down $1.00 on above average volume.