Loading ...At least the ADP numbers seemed to be. Estimates were for 115K new payrolls, and they came in more than double at 233K. Makes me wonder about either the guys doing the estimates or the actual numbers. GDP was a miss surprisingly; it came in at 2.8% vs. estimates of 3%, probably means it was much lower than 2.8%. I don’t think during the entire Obama years there was growth above 2%, with a lot of years below that. Hard to believe, but I digress.
So, for some reason the dollar is higher now, not much and hard to see it holding with rates falling, now down 3 bips. Hopefully, we see the dollar fall and it picks up silver this morning, which they are waterfalling and has given up all its gains from yesterday. Sort of a non-sensical move to me, especially with gold up – although they are trying to beat that down as well.
Looks like we’re gonna have some selling out of the gates.
Adogsbody – why silver? I can only guess that it’s because the LBMA and Crimex are so ridiculously short, and one of the big banks is at serious risk. They literally have to try and defend it with paper to create some room for them to wiggle their way out from under the mess.
The shares don’t look horrible to me yet, so maybe a comeback is in the works.
edit: On second look, the shares sure don’t look good either.