Unemployment Report, ECB News Keeps Gold, Silver Buoyant

The Labor Departments 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. Mondays 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 dAlene 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.