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Silver Revs Up in Price on Friday, Gains 3%

Silver ended the week on a tear as its price rose by $1.53 on Friday to trade at a higher price of $43.32 per ounce as recorded on the Comex division of the New York Mercantile Exchange which translate to a percentage price gain of about 3.44% as many investors looked away from stocks for a safe haven for their investments in precious metals.

The rush for the purchase of physical silver and other precious metals began early Friday when the news broke out that the Labour Department of the US reported that the level of jobs in the US in the month of August remains the same without any improvement contrary to the expectations of many experts who had expected about 70,000 new jobs to be created in the month of August.

The expectations of these analysts are considered modest because if 70,000 new jobs had been created in August, it would still have amounted to 9.1% of the population of the unemployed people in the US yet nothing was achieved. This percentage of 9.1 was achieved in July when 85,000 new jobs were created by employers.

Many analysts like Ellen Zentner, a senior economist at the US-based Nomura Securities International observed that the US recorded a no-new-job creation scenario for August perhaps because of ‘’uncertain tax outlook and regulatory issues’’ according to a statement reported by Bloomberg. Many equity investors considered this zero job creation report for August as disappointing and therefore sold their stock positions in order to invest in precious metals like silver and gold.

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Silver Revs Up in Price on Friday, Gains 3%

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