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R6 – Jobs report/Correction
R6 – 20% correction takes us back to $1200. I don’t know if the guys that said they would buy it will or not but I’ll bet against a 20% correction. Whatever got gold here above $1500 in the first place is still with us, I don’t think it has suddenly gone away.
As for the jobs report, it’s a crapshoot. I’ll bet on a miss, and below ADP’s number of 195K
Not the close I was hoping for to be sure, so maybe everything is done. If the Fed is back to buying treasuries, I doubt gold is done. The debt cannot be serviced with higher rates. JMHO
Buygold-Maddog–I. still. can’t. get it. out. of. my. noodle why the. F is the dollar still down??
yes, it’s off. its low but. still red–and I don’t ken as to. why. it. printed that low either…so, gang, I will cling. to that thin. straw. and hope it keeps me from falling 10 stories to the ground…other than that, only. a. fool. would. deny that. today was probably. some kind of. serious turning point. for PMs…no, not the end of the world…but the start of a 10 or. 20 percent correction…hopefully not worse…
if. we get. a 20%-er how much u wanna bet the traders who missed this rally and said they’d buy a good correction won’t buy it?
http://futures.tradingcharts.com/marketquotes/DX.html
Of course, there’s always the pissability the jobs report is below 195K…and it. doesn’t have to be MUCH below to cause everything to turn…like 150K-160k…not to mention 90-110K….but consumers spending. and confidence has been strong, so odds of a weak number are low
But trillion dollar. yearly deficits and very low interest rates are here to stay–and what does all that buy the u.s.? A 2% GDP–and. THAT”S why gold has been and will. be strong–not trade. tariffs or jobs
Buygold
10’s dropped from 3.25 % to 1.42 % in 11 months….2 % ain’t much….we should be prepared to see something like that. China talks set for October…that is a poss 4 weeks plus of time before we hear anything….
To take out those 1.5 % lows on the 10’s my guess is we need some big news…as of now that is not likely for a while…..
Treefrog
I would have liked to see some up days with the same % gains as we’re seeing in losses when we were going up.
That being said the gold stocks are a mixed bag today but outperforming the silver stocks.
Don’t know why but I’m not worried ? maybe I should be…..
hui
got a bloody nose, but stabilized. two and a half bucks over the low point, presently – appears to be slowly creeping back
Maddog
I would say that bonds had everything to do with this. If the 10 yr. gets back to 2% we’ve probably got some serious problems in pm’s.
JNUG
JNUG hit strong support at the $80.00 level and bounced $3.00. If we can consolidate for a few days above $80.00, we should be good to go up. If I had any loose change, I would be adding here.
rno
R640
Check out the 10 Yr Note Monthly …potential triple bottom @ 1.5 % and v extended on this leg, there is already a Double Bottom @ 1.5 %…….we could see a pull back to 2 % dead easy….that is a 30 % move, before we take out the Triple bottom.
Bonds have driven a large amount of all this.
R6 – was thinking
if gold were to finish the day down $15-20, it might be a minor victory
I’m half wondering if we avoid the jobs report beatdown tomorrow because we’re getting it today.
Volume in the shares is heavy. Will be interesting to see how they close in the last hour.
Good story about John Doe getting out early and warning everyone, especially if this is a short, sharp correction that scares the life out of everyone and then resumes its march higher.
They say that in stong bull markets corrections are sharp, short and scary-
T’would be nice. if that. applies to PMs
Very interesting. that the dollar has been down all day…the. Great Steve Seville said. there is. a 20% chance
of. stocks. being in a crash sequence…he said that is high. because. the. chance of stocks crashing. is. usually. zero…Seville. is one of the best of the best. and his modest subscription price is well worth it…
My. good buddy JOHN DOE who was caught underweight by this. rally–and who bailed on most of his positions waaaaay. early. because of worries about high. RSIs and. COTs—…is euphoric today–indulging. in an orgy of tweets about. how he warned everybody to get out–and how he got out on Tuesday and Wednesday–and how he saw on forums all the high fiving…
I bit the bullet today and exited my last holding-I salvaged $6400…my loss was $4500…with options there comes a time when trading discipline requires you to bail…most of the time it’s the. right decision…
This is not helping short term at all
Bond Flood Continues As Companies, Including Apple, Sell $56 Billion In Debt In Two Days
Apple selling $ 7 billion…just to buy back it’s stock….while sitting on a mountain of cash…that just feeds bankers, plays games with the Tax man and could only be done in the insane world of the Fed, aka the scum………. where Rates are stupidly low and Stock values insanely Hi……..
GLD
Looks like it might have a little bit of support here, but we know support is a rarity in pm’s
Sure worked off a lot of that overbought condition in less than an hour.
Bummer.
Deer79 – “Hard to take Days like today when we know what a charade this whole game is”
Truer words have seldom been spoken.
Even knowing it was coming didn’t help. ugh.
Oh, to be in the DOW, where everything, and everybody is on your side. If only I could believe in fairy tales.
Gatling Exploration still adding for no discernible reason
40 cents $C to 66 cents $C in 3 days.
Who here thinks that anything will be resolved in the upcoming talks?
If yes then: Go sit in the corner.
Hard to take
Days like today when we know what a charade this whole game is.
HUI
Down 10 pts.
The real bummer is that during gold and silver’s run up it didn’t have a single day where it was up 10 pts.
Oh Happy days for the scum.
Suddenly it all looks wonderful again.
It had to come sooner or later
especially given silver up 7% in two days. The only question now is this going to be a short sharp correction that brings in the dip buyers, or something that last for a few weeks that beats us to death?
USD working in our favor, but it’s all about rates right now. Money coming out of bonds and into…stocks? If they say so…