Daily Market Report 12/5/13

GOLD

Gold sold off this morning on a report from the U.S. Commerce Department that the U.S. economy grew at a 3.6% annual rate in the third quarter, faster than first reported and its strongest performance in 1 1/2 years. Tomorrow’s November Employment Report could be a major catalyst for the short term direction of precious metals. The consensus is for an increase of 180,000 non-farm payroll jobs in November, though if the number is much higher it could cause gold to drop.

At 11am PDT today, Gold is down $15 per ounce, trading at $1,232 per ounce on better than average volume.

SILVER

Today, Silver has actually been stronger than Gold as it sold off. Silver showed excellent support in the $19.21 per ounce area. At 11am PDT today, Silver is trading at $19.67 per ounce, down $0.10 on average volume.