U.S. car sales increased by 9% in November compared to last year, due to their promotional tactics.

U.S. car sales increased by 9% in November compared to last year, due to their promotional tactics. Detroit’s Big 3 reported better than expected U.S. auto sales for the month of November. Sales for GM, Ford, and Chrysler (a unit of Fiat) rose by  approximately 14%, 7%, and 16% respectively. As a result, PT & PD saw a boost in prices. If the auto industry continues to do well, PD should see some significant support. Gold hit a new five month low this week and continues to lose its ground even though it was able to break through its $1,220 resistance level. Silver seemed to follow gold’s path yesterday since it failed to see an uptick despite news of an increase in Indian AG imports. If gold trades below the $1,200 support level, it could hit a new yearly low and probably spur some physical buying. Economists believe the shiny yellow metal could test this level if Friday’s job number hits the 200,000 mark since positive economic data triggers tapering fears. There is a good chance we could see this happen since the U.S. Economy added 215,000 private-sector jobs in November, according to the ADP National Employment Report. Stay tuned for the New Home Sales at 10:00 a.m.