The move after Friday data arrived punctual: Silver up from 23 to almost 24$, stable gains during the entire trading, same gold, up all day about 20$ or so. The PM’s seemed to be the only market that reacted rationally after the bad data.
Weak US job for August, only 169,000 new jobs VS the 175-180,000 expected. Unemployment -LOL- down to 7,3% from 7,4%…BUT, at 63% of market force (lowest since 1978) these numbers almost don’t make sense anymore. Treasury bonds creeping the 3% Rubicon line. Dollar down.
The physical marketplace has been very quiet all week for the Holidays, but ASE and rounds are moving well, no shortage now, plenty of metal available. We have some major geopolitical developments in M.E, the September FOMC, and maybe that is why many are still cautious before jumping in these waters with two feet…
Have a great week-end.