Precious Metals Rise After Unemployment News

GOLD

It was reported today that demand for unemployment benefits unexpectedly rose for a third straight week. This information caused a sell-off in the U.S. Dollar and equities while seeing Gold and Silver prices move sharply higher. Gold moved above the key $1,750 level, reaching a high of $1,765 per ounce. At 11am PT today, Gold is trading at $1,756, up $31 per ounce on excellent volume.

SILVER

Silver moved higher on the unemployment news and the correction in the U.S. Dollar. Watching Silver’s trading activity in the world commodity markets last night and today, I believe yesterday’s low of $21.41 is not going to be seen again. At 11am PT today, Silver is up $0.65 per ounce, trading at $22.15 on excellent volume.