Daily Market Report 11/8/13

GOLD

Gold was trading at $1,310 per ounce this morning when the Commerce Department announced that non-farm employment had an increase of 204,000 jobs for the month of October, a sizeable increase over the 120,000 job increase that was expected. Gold quickly dropped to $1,281 per ounce on heavy volume because a jobs increase of that size would allow the Federal Reserve to start reducing its stimulus programs faster than anticipated. At 11am PDT today, Gold was trading at $1,285 per ounce, down $22 per ounce on normal volume.

SILVER

Silver continues to stay around the mid $21 per ounce level. There is excellent demand in the $21.30 area, with resistances at $22 per ounce. At 11am PDT today, Silver is down $0.34 per ounce, trading at $21.38 per ounce.