Daily Market Report 7/6/12

GOLD

The U.S. Labor Department said this morning that the U.S. employers only created 80,000 jobs in June. The U.S. unemployment rate was unchanged at 8.2%. U.S. employment numbers continue to disappoint the market, as stocks, energy and precious metals all dropped on the news. An additional negative factor is the strong U.S. Dollar, up 2% in just last week, at $1.228 versus the Euro, this is a two year high for the Dollar. Gold hit a low of $1,575 this morning after the employment news, then rallied back. At 11am PDT, Gold is trading at $1,581.20 per ounce, down $27.70 for the day on heavy volume for a Friday.

SILVER

Silver followed the Gold price lower this morning, actually breaking below the $27 support level for a short term, reaching $26.86 early this morning before rallying back. At 11am PDT, Silver is down $0.68, trading at $27.07 per ounce on excellent trading volume.