The worries over the unemployment report were justified. With expectations looking for a print of 160k, the number came in at 115k. The unemployment rate dipped to 8.1%, but that was due to 350k people dropping out of the labor force. This is showing that at best the US economy is muddling along with no real sense of an upward trajectory.

For metals such as silver this could be bullish long-term, because it may force the Fed to react to any softness in the market. If a new QE program is announced it could set the metal back into rally mode. If not, the range it has been in could sick for months without any real breakout in any direction.

Currently the silver spot price is up 16 cents to $30.23. It had reached an intraday high of $30.40 [Read more...]