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Friday, November 8, 2013

Gold Hit By Friday's Payroll Party -- November 8, 2013

Kitco News speaks with iiTrader's Rich Ilczyszyn to see what happened to gold in the aftermath of a surprisingly stronger-than-expected jobs report released on Friday. The U.S. employment report for October showed that the economy created 204,000 new jobs.
The number was expected to have grown by only around 120,000. Ilczyszyn says he was absolutely surprised by the report. With regards to gold, he says it is currently a tough trade. "However, I think long-term the market will go up," he adds. Ilczyszyn highlights $1,250 as a good support level and says he'd be surprised if the market got below that area from now until yearend. "I think we're going to be sideways from here." Tune in now to hear how he suggests investors should protect themselves from further downside risk. Kitco News, November 8, 2013.


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