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TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver prices spiked on Friday as Gold jumped nearly 1 1/2 percent to $1,303.30 an ounce to lift the yellow metal above its 200 day moving average while silver surged more than two percent to $19.52 an ounce, on bargain hunting and short covering following a sharp drop in the dollar, after investors questioned the key non-farm payrolls report.
 
“I think people were expecting the market to be much lower and are now forced to cover,” said Bart Melek, of TD Securities. “The U.S. dollar kind of cratered in the last 20 minutes and I think that is the big driver for gold right now,” said Jessica Fung, of BMO Capital Markets. Support from the rising violence in Ukraine also helped to put a damper on a stronger than expected U.S. jobs report that showed the economy added 288,000 new jobs in April.

But investors have begun to look closer at the numbers, and while the unemployment rate reportedly fell to 6.3 percent from 6.7 percent in March, it's the participation rate that has drawn market watchers attention. The number of Americans who have left the labor force in April soared to 92 million, that's an increase of 988,000, the second highest monthly increase ever.

Meanwhile, investors holding short positions in the metals may not want to hold those positions over the weekend now that Ukraine military forces are pushing back against the heavily armed pro-Russian separatists, and deaths are occurring. These highly trained pro-Russian fighters are not your everyday militias, not with surface to air missiles that they used to shoot down two Ukrainian army helicopters and kill their pilots during the fledgling nation's "anti-terror" operation in the city of Sloviansk earlier on Friday.

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