The Federal Reserve minutes were released Thursday. The weak job market with unemployment stubbornly remaining above 8%, Europe’s debt crisis, and slowing Chinese growth pressed the Federal Reserve into launching its third round of large-scale bond buys, commonly known as QE3. The major averages moved higher with the S&P 500 on slightly higher volume and the NASDAQ Composite on lower volume as the market still seems unable to find a discernible trend in the short-term.
Economists were looking for a 120,000 increase in the jobs number released this morning at 5:30 a.m. PDT, but although the number came in below those expectations at 114,000, the unemployment rate dropped to 7.8%, the lowest level since January 2009, sending futures higher.
SLV has been trading in a constructively tight manner as it looks poised to move higher. Gold GLD did move higher in today's trade which bodes well for silver. Both GLD and SLV moved higher on higher volume.
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