The value of an ounce of gold has increased by more than $29 today after the United States Department of Labor announced a national gain of only 38,000 jobs (excluding farming) in May, the least since September of 2010.
Although this number was lowered by a Verizon strike that counted 34,000 workers as unemployed, adding those workers would only bring the total to around 72,000 new jobs, well below the 100,000-per-month goal cited by Federal Reserve Chair Janet Yellen as sufficient to move forward with an interest rate hike later this year. Not surprisingly, this has caused some concern over the strength of the economy among precious metals investors, and the price of gold is increasing accordingly.
As reported on Mint News Blog, sales of 2016 gold coins are running way out in front of numbers posted at a similar interval in 2015, building on a trend that was established early in the year. As of last week, demand for 2016 gold bullion coins had already improved upon last year’s end-of-May-total by more than 83 percent.
Silver is also seeing an increase this morning, gaining about 40 cents per ounce to arrive at $16.47 at the time of this writing.