Today is Jobs Friday which will influence Gold and Silver. We wrote yesterday to expect an ugly day and wow did we see one. Gold, Silver and Platinum got clobbered. This morning before the number Gold and Silver are flat with Platinum slightly lower.

There are many reasons to believe the selling on Thursday could continue today. One of the biggest fears is the FED comments on rising yields which is a real possibility especially if you have been watching the fixed income markets. They have been telling the FED for months that they must hike rates.

It is our belief that Gold and Silver have already accounted for higher rates. The trend is higher, and we remain long. Certainly the trend can change at some point however all signs point to higher prices in Gold and Silver. Until that changes, we will look for higher prices.

Those who try and trade the news usually lose; markets are about price action and not news. With the internet, news is old before it comes out and most asset classes price in news before it ever hits the tape.

Patience, discipline, and money management always win the day.

Todd Horwitz Chief Strategist
Stop being a prophet and make profits