Gold futures on the COMEX Division of the New York Merc ran North Friday, capping a 5 day Winning streak, as the downbeat US employment data spurred investors to the perceived safe-haven of Gold. Silver rose to a 30 yr high, and Platinum followed suit. The most active Gold contract for Feb delivery rose 16.9, or 1.2%, to close pit trading 1,406.2 oz, close to its early November settlement record close of 1,410.1 oz.. The US unemployment rate rose to 9.8% in November, the 1st increase since August and the highest level of unemployment in seven months vs. analysts’ expectation of 9.6%. Analysts expected a 150,000 increase in non-farm payrolls due to recent upbeat economic data. Instead, only 39,000 jobs were reported, according to Us Labor Department. The US Dollar fell on the news, the weaker “Greenback” is considered supportive of Gold as it makes them cheaper to holders of other currencies, increasing its appeal as an alternative investment. Players said that mounting concerns over sovereign-debt problems in Europe continues to boost demand of Gold as a safe- harbor. A player pointed out that Gold is gaining strength from the instability in the Global economy. Silver futures for Mar delivery rose 69.9c, or 2.4%, to 29.271 oz., and Jan Platinum rose 15.4, or 0.9%, to 1,728.5 oz. Crude Oil has been trading at the upper end of OPEC’s target of 70-90 bbl over the past few weeks. Players are likely interested in the cartel’s upcoming general meeting on December 11. But, member countries are unlikely to seek any change from quotas other than tighter compliance. Angola’s Minister of Petroleum Jose Maria Botelho de Vasconcelos said the cartel is “comfortable” with current price levels while Venezuela’s energy minister Rafael Ramirez said US$100/bbl is a “Fair” price. Shayne and I believe he OPEC members will not announce a rise in supply at the current price level as this will send price immediately lower. Stay tuned…

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