How You Could Double Your Money at Least 6 TIMES This Year

On May 19, iconic growth investor Louis Navellier will reveal how his powerful quant-based stock system could accelerate your wealth and help fund your retirement.

Wed, May 19 at 4:00PM ET

Unemployment Report, ECB News Keeps Gold, Silver Buoyant

The Labor Department’s unexpectedly strong employment report for November sent stock markets, gold and silver up for a third consecutive morning. The short-term reversal remains on tenuous ground, however, as euro zone leaders have yet to agree on structural reforms that market participants see as strong and lasting.

Spot gold was up more than 0.15%, with a bid price of $1,748.20 and an ask price of $1,749.20 at 10 a.m., having traded as high as $1,764.40 and as low as $1,744.20. The London morning reference price fixing came in at $1,751, according to Kitco market data.

Spot silver was up more than 1.7%, bid at $33.30 with an ask price of $33.40. The morning high at time of writing was $33.81, and the low was $32.90. Monday’s reference price was set at $33.15 in the London a.m.

The U.S. unemployment rate fell to 8.6%, its lowest level in two-and-a-half years in November. Employers added 120,000 jobs in November, while employment was revised upwards for September and October as well. Hiring picked up, but part of the decline in the headline jobless rate was due to more workers giving up on looking for work.

Meeting in Brussels, euro zone finance ministers agreed to work up a plan that would add as much as 200 billion euros (~$270 billion) to the funds the European Central Bank can use to stem the rise in eurozone government bond yields.

Gold and silver trusts were moving higher.

  • The SPDR Gold Trust (NYSE:GLD) was showing gains of more than 0.3%.
  • The iShares Gold Trust (NYSE:IAU) was up more than 0.2%.
  • The iShares Silver Trust (NYSE:SLV) was moving higher, showing gains of some 1.5%.

The junior gold and silver mining ETFs were higher, but the Market Vectors Gold Miners ETF was lower.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was down more than 0.5%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was higher, up around 1.4%.
  • The Global X Silver Miners ETF (NYSE:SIL) was up nearly 1.2%.

Gold mining shares were moving lower.

Agnico-Eagle Mines (NYSE:AEM) was showing losses of some 1.5%.

  • Barrick Gold (NYSE:ABX) was around 0.75% lower.
  • Goldcorp (NYSE:GG) was showing losses of 1.2%.
  • Newmont Mining (NYSE:NEM) was some 0.65% lower.
  • NovaGold Resources (AMEX:NG) was down around 0.8%.

Silver mining shares were a mixed bag.

  • Coeur d’Alene Mines (NYSE:CDE) was between nearly 1.2% higher.
  • Hecla Mining (NYSE:HL) was down 0.8%.
  • Pan American Silver (NASDAQ:PAAS) was some 0.4% lower.
  • Silver Wheaton (NYSE:SLW) was up 0.65%.
  • Silver Standard Resources (NASDAQ:SSRI) was up between 1.3% and 1.45%.

As of this writing, Andrew Burger did not own any of these stocks.

Article printed from InvestorPlace Media,

©2021 InvestorPlace Media, LLC