Categories: Precious Metals
Topics: General Precious Metals

Junior Mining Weekly Recap: Get Ready for Volatility

Employers added the fewest jobs in six years in the month of May, according to the most recent jobs report. The 38,000 workers added in May surprised nearly everybody as analysts had predicted a number closer to 160,000.

The miss sent gold, silver, and copper higher, while the dollar fell.

Gold and silver both rallied over 2%, with gold trading in the $1,240/oz. range and silver reaching $16.38/oz.. Copper was up over 1%, trading in the $2.13/lb. range, while the dollar fell approximately 1.4%.

The jobless rate did drop to 4.7%, which is the lowest since November 2007. I continue to believe the Fed hikes in July and not June due to the uncertainty surrounding the “Brexit” vote, however the jobs miss will increase volatility as the market tries to predict which way and when the Fed will move.

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