Gold & Silver Rally Ahead Of Unemployment Report Tomorrow
The precious metals rallied today with gold leading the way higher by $14 closing around us $1,698 an ounce while silver futures also rallied finishing higher by 25 cents closing around 33.82 ounce in an active trade. Copper futures were relatively quiet today compared to silver and gold finishing higher by 200 points to close around 378.80 a pound while platinum futures for the April contract rallied $33 dollars to close at 1660 an ounce. Palladium futures have rebound have rebounded strongly from Tuesday's sharp selloff to rally another $18 to close around 703 in heavy volume. The metals are all waiting for the unemployment report tomorrow and if that could be a positive number you will probably see the commodities especially the metals and energies and possibly the grains if that crop report is bullish all to the upside, if it is a disappointing number you will see the commodities go lower and you will also see a higher dollar versus the major foreign currencies. I still believe that the metals are going to grind higher over the course of time and an interesting fact about the Apple’s new iPad that just came yesterday uses 1 ounce of silver in every unit that they manufacture meaning that there is a lot of demand for silver so I still believe they will go higher in the short and long-term, however the volatility is extremely high with huge up days and huge down days so you need to be responsible and place stop losses and use a money management technique to try limits risk and monetary loss. The option market might be more suitable for some traders who are looking limit risk if you are purchasing the call or put. Tomorrow will be a busy day in the commodities with the unemployment and several crop reports coming out at 7:30 in the morning so you will see a lot of movement in the commodity sectors including gold, silver in the energies so get ready for an exciting day. If you have any questions about the unemployment report or any of the crop reports that come out tomorrow please call Michael Seery at 800-615-7649 and he will be more than happy to review the statistics with you.
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