U.S. Dollar Weakening And Progress With U.S. Economic Stimulus Legislation

GOLD

November nonfarm payroll numbers were released today, and they were well below projections. This shows that the pandemic has caused a major slowdown in hiring. We are also seeing the U.S. dollar weakening and progress with U.S. economic stimulus legislation. Gold initially traded higher, almost hitting $1,850 before seeing weekend selling. At 11 am PT today, Gold is down $1 per ounce, trading at $1,835 on average volume.

SILVER

The price of Silver is doing better, spending most of today’s trading session above the key $24 level. Traders, particularly in Europe and Asia, are seeing inflation on the horizon because of the massive amount of government stimulus money that is being spent. At 11 am PT today, Silver is up $0.20 per ounce, trading at $24.16 on normal volume.