Well, from silver bites 7/2, the meaningful move on the plate, triggered by job data for Friday, was also delivered and served for us for breakfast at 8:30AM… Almost 200,000 jobs created and guess what, I wanna thank the service industry: 52,000 of these jobs in 1 month! As per June 2013 restaurant jobs are at all time high with a staggering 10 and 1/2 million workers. Could that be seasonal?
The 10 yrs bonds also jumped around that time to 2.7%!
Metals, of course, under more pressure from opening trades, gold at one point down 45$, silver down almost 5%, but as the day progressed, metals were holding firm without a major collapse (if the market was fully operating we could have suffered maybe more) with gold down about 30$ and silver ~75 cents.
Volume was low all day, many dealers were closed, I personally had a handful of trades , mostly gold bullion, but not even half of an average busy day.
Major developments in Egypt and oil could bring some relief to gold market, further decline is also possible, especially as more and more kamikazes will suggest that the economy is all better: we don’t need free money from Uncle Benny anymore…
