Strong Employment News Drives Gold And Silver Lower

GOLD

The May Non-Farm Employment numbers were reported this morning. The report showed an increase of 339,000, compared to the 190,000 that was forecasted. Plus, the unemployment rate rose slightly to 3.7% for May. This news caused concerns that the Federal Reserve may increase the Fed Funds rate later this month to slow down the economy. Gold and Silver reacted negatively to this, with Gold dropping $25 on the news. At 11am PT today, Gold is trading at $1,952 per ounce, down $25 on average volume.

SILVER

Silver initially sold off $0.30 on the May Employment news, but held and rallied. Silver is showing excellent demand above the $23.60 level. At 11am PT today, Silver is down $0.27 per ounce, trading at $23.63 on normal volume.