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Gold and Silver Spike After Job Report

This morning spot gold and silver are both reacting positive after the government job report. The U.S. Dollar Index declined by 0.69 cents to $79.60 and this will often help to inflate the precious metals which are now considered a true form of currency. There is also chatter of a possible QE-3 by the Federal Reserve Bank and this action would only keep the U.S. Dollar Index down. Therefore, all precious metals would benefit from higher cash reserves.

The iShares Silver Trust(NYSE:SLV) is trading higher by 0.30 cents to $28.34 this morning. The SPDR gold shares are trading higher by $1.36 to $135.56. The iShares Comex Gold Trust(NYSE:IAU) is trading higher by 0.14 cents in the pre-market to $13.68. Should the U.S. Dollar Index decline and the European Union continue to have trouble gold and silver can trade higher.