Gold, Silver Spike Higher Following August Jobs Report

Gold spiked higher early Friday as the Department of Labor reported that no new
jobs were created in the U.S. in August, the first time theres been no net
increase in jobs in 11 months. Spot gold was trading at $1,872.60 Bid, $1,873.60
Ask, up $47.20, or 2.59%, an ounce on the day thus far, hitting a high of
$1,882.30 and a low of $1,858.50. The London p.m. price was fixed at $1,875.25.
Spot silver was trading at $42.73 Bid, $42.83 Ask, up $1.23, or 2.96% per ounce,
hitting a high of $43.29 and a low of $42.36. The London a.m. price fix was set
at $42.50, according to Kitco market data . The U.S. unemployment rate was
constant month-to-month, coming in at 9.1%, the Labor Department reported
heading into the Labor Day weekend. The report does include some 45,000 striking
Verizon workers who have since returned to work. Government jobs continue to be
lost at the federal, state and local level, however: 17,000 government jobs were
eliminated in August. In exchange trading, gold and silver trusts were sharply
higher early Friday. The SPDR Gold Trust (NYSE: GLD ) was about 2.75% higher.
The iShares Gold Trust (NYSE: IAU ) was up about the same. The iShares Silver
Trust (NYSE: SLV ) was showing gains of around 3.5%. Gold and silver miners ETFs
were moving up strongly. The Market Vectors Gold Miners ETF (NYSE: GDX ) was up
about 2.8%. The Market Vector Junior Gold Miners ETF (NYSE: GDXJ ) was more than
3% higher. The Global X Silver Miners ETF (NYSE: SIL ) was up around 1.9%.
Shares of gold miners were marching higher as well. Agnico Eagle Mines (USA)
(NYSE: AEM ) was more than 3% higher. Barrick Gold Corp. (NYSE: ABX ) was nearly
3.5% higher. Goldcorp (NYSE: GG ) was up around 3%. Newmont Mining Corp. (NYSE:
NEM ) was 1.7% higher. NovaGold Resources (USA) (AMEX: NG ) was around 0.1%
higher. Silver mining shares were sharply higher, with Coeur DAlene Mines up
more than 5% on the day thus far. Coeur DAlene Mines Corp. (NYSE: CDE ) was
nearly 5% higher. Hecla Mining (NYSE: HL ) was up more than 5%. Pan American
Silver Corp. (USA) (NASDAQ: PAAS ) was up around 4.5%. Silver Wheaton Corp.
(USA) (NYSE: SLW ) was around 3.3% higher. Silver Standard Resources Inc. (USA)
(NASDAQ: SSRI ) was 4.25% higher. The author does not hold positions in any of
the above-mentioned investments.