Gold and silver are going through a bout of profit taking following last week’s run

Gold and silver are going through a bout of profit taking following last week’s run-up on the back of poor GDP data and an unemployment rate that went in the wrong direction despite modest additions to U.S. payrolls. The yellow metal closed Friday’s session at $1669 and silver closed at $31.958 as government data showed merely 157,000 jobs were added to the economy and the unemployment rate actually moved up to 7.9%. Both metals are in negative territory this morning but should find some cushion as Fed thresholds for ending QE remain far out of reach, keeping the safe-havens in play. Platinum broke through $1700 overnight, topping out at $1709 ahead of Amplats release of 2012 earnings. It was no surprise that 2012 was a difficult year for the world’s #1 producer of platinum and with no unexpected news the platinum rally lost steams with the white metal now trading below $1700, now at $1698.5, but still more than .5% up on the day. Have a great day!