Daily Market Report 11/6/15
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GOLD
This morning the U.S. Labor Department reported that the U.S. economy added 271,000 jobs in October. Strong hiring in October drove the unemployment rate down to 5%. This increase was much higher than economists had predicted and the stock and precious metal markets declined quickly. After the Job’s announcement Gold immediately dropped $21, reaching a low of $1,084.50 per ounce. At that point I saw bargain buyers and shorting sale covering hit the commodity markets. The CME trading volume for the most active Gold contract (Dec 2015) picked up dramatically, over 200,000 hundred ounce contracts (highest for the week). Is the worst over? I think so, but Monday’s trading in Asia will be a strong indicator. At 11am PDT today, Gold is trading at $1,090, down $16 per ounce on very high volume.
SILVER
Silver cracked the key $15 per ounce support level this morning, reaching a low of $14.70 after the Job’s announcement. Silver’s dropped with Gold and showed excellent demand as it approached the lows of the day. At 11am PDT today, Silver is down $0.31 per ounce, trading at $14.75 on very high volume.
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