Daily Market Report 12/6/13

GOLD

We had exciting trade in the gold pit today. Gold was trading at $1,228 per ounce when the U.S. Labor Department announced that 203,000 jobs were added in November. This was higher than the 180,000 estimate and Gold immediately dropped $14 per ounce on concerns that the Fed would get its monthly stimulus. With Gold at $1,214 per ounce, many of the professional floor traders (who shorted Gold on Wednesday and Thursday) covered their short positions going into the weekend, plus there was fresh bargain buying. The Gold price quickly rallied to $1,243 before selling came back. At 11am PDT today, Gold is trading at $1,229 per ounce, down $3 per ounce on excellent volume.

SILVER

Silver also had a lot of volatility trading today, reaching $19.21 per ounce before rallying back to $19.79 on excellent demand. At 11am PDT today, Silver is down $0.15 per ounce, trading at $19.52 per ounce on better than average volume.

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