This morning in the New York precious metals market we saw inordinate price moves

This morning in the New York precious metals market we saw inordinate price moves. At the time of the Unemployment data which was not great and only close to expectations there was a sell off on the gold market. Most likely big funds seeing the weakness in the thin summer markets took the opportunity to test downward. There was a quick flush out that lasted for about 30 minutes. Without any more success to the downside it was obvious we saw position covering and the market went back to where we started. It seems like maybe they also took the time to read the actual report by the Bureau of Labor and Statistics. The report tells us that the unemployment rate for teenagers was down 16.2% while that of adults declined only 4.8%. Sure kids need jobs but it seems like adults with families probably could use the income more. Hopefully these teenagers are helping at home. Average hours worked remain at 34.60 hours and Labor Force Participation at 62.6% both which are not positive signals for a strong economy. Silver is trying to go back above $15 this morning on what may be the sense that many have gotten that fundamental demand, which is high, does matter and it should disconnect from the more prominent gold price. But for the rest of the complex you can expect the markets to stay near current prices as the traders in the USA prepare for a summer weekend.