Daily Market Report 10/22/13

GOLD

The U.S. government announced today that the economy gained only 148,000 jobs in September, well below the expected 180,000 jobs. The official unemployment rate now has fallen from 7.3% to 7.2%. This report continued to show little improvement in the labor market, and confirms that the Federal Reserve is not likely to reduce its current $85 billion monthly stimulus anytime soon. After the above announcement the international value of the U.S. Dollar dropped and precious metals quickly rallied, with Gold moving up $20 immediately.

At 11am PDT Today, Gold is trading at $1,340 per ounce, up $24 per ounce on excellent volume.

SILVER

Silver briefly tested the $22 per ounce support level, and quickly rallied with Gold on the jobs report.

At 11am PDT today, Silver is up $0.50 per ounce, trading at $22.75 per ounce on good volume.