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Surprisingly, gold continued its ascent even as the dollar strengthened yesterday. The Bureau of Labor Statistics reported this morning that the National Unemployment Rate remained at 9.6% for the third straight month. The Bureau of Labor also reported that the number of non-farm jobs rose by 151,000, but the number of people filing for unemployment remained unchanged at 14.8 million. The positive news here is that the economy did generate a net gain in jobs for the first time since May of 2010. The gain was stronger than many Wall Street analysts were expecting and the dollar gained on a basket of other currencies. Gold settled at a new record high yesterday. Gold for December delivery settled up $14.60 to $1,397.70 an ounce. Additionally and surprisingly, the dollar was up for the day as well. Normally there is an inverse relationship between gold and the dollar but that was not the case yesterday. Spot gold prices were rising too. In other commodity news, silver was in the green as well and posting at $26.75 an ounce. Platinum for January posted end of day numbers yesterday moving up to $1,768.90 an ounce. The rise is due, in part, to the Feds announcement this week that they would initiate another round of quantitative easing and buy up treasuries as part of their $600 billion asset purchase plans. Author: Camillo Zucari
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