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Both precious metals climbed higher as the U.S. dollar sank against the euro. The greenback fell to as low as 82.29, while the 17-nation currency rose above $1.23. Markets also rallied across the board as the latest payroll report was better-than-expected.
According to the Labor Department, the U.S. economy added 163,000 jobs in July, compared to only 64,000 jobs in June. It was good enough to beat low expectations, but perhaps bad enough to keep more Fed stimulus on the table. “We’re treading water,” said Stephen Stanley, chief economist at Pierpont Securities, according to WSJ. “We’re not falling down, but we’re also not making up any ground. We’re not getting any closer to a normal type of employment reading.”
By the end of the trading day, the SPDR Gold Trust (NYSEARCA:GLD) increased 0.92 percent, while the iShares Silver Trust (NYSEARCA:SLV) gained 2.47 percent. Gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Yamana Gold (NYSE:AUY) both closed nearly 2 percent higher. Silver Wheaton (NYSE:SLW) and Endeavour Silver (NYSE:EXK) jumped 1.81 percent and 2.21 percent, respectively.
Investor Insight: Gold and Silver Lessons from Pawn Stars
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Disclosure: Long EXK, AG, HL, PHYS
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