June Gold closed up 3.6 at 1256.9. This was 4.5 up from the low and 16.4 off the high.

May Silver finished down 0.00236 at 0.1801, 0.0048 off the high and 0.00145 up from the low.

The bull camp has to be emboldened by last week’s action in prices, and also because of the return of a major market theme in the form of geopolitical and economic uncertainty. If the dollar had not rallied today, the gains in the gold and silver markets might have been even more significant. With the potential for a reaction to the US bombing of Syrian air assets and Russia adopting a very hard line reaction to the events geopolitical anxieties are not likely to calm down quickly. While we doubt the US will continue to produce data fostering economic uncertainty, the March payroll data clearly increases the chances that Fed rate hike timing will be pushed backward and that should help gold, silver, platinum and palladium.