Precious Metals Move Higher On Employment Rate Slow Down

GOLD

Today a report came out that the private sector employment rate increased by 135,000 jobs in September, but August was higher at 157,000. According to ADP: “The average monthly job growth for the past three months is 145,000, down from 214,000 for the same time period last year.” This fell lower than expectations, causing concerns about economic growth. On this news the equity and bond markets headed south, while Gold and Silver are moving higher. At 11am PT today, Gold has moved back above the key $1,500 level, trading at $1,505, up $21 per ounce on excellent volume.

SILVER

Silver reacted to the same ADP news by moving $0.25 higher on excellent trading volume. Silver was oversold in early Asian trading, reaching a low of $16.84 per ounce, and bounced back yesterday to $17.27 on good demand. At 11am PT today, Silver is up $0.35, trading at $17.62 on excellent volume.