gold jumps a net 20 bucks on the lack of jobs number

Justacommeman

Had to cheer such a crappy number when reality bites

MJ

Tomohawk

I know the feeling...I've been very happy at silver's recent moves, too...I keep hoping for +$20 soon.

But I do realize silver is primarily going up due to lack of confidence in other monetary forms, and through others misfortunes...kinda makes you hate the world a bit (but I guess that's the point, right?).

roadrunner

Don't count your chickens too soon. There have been a number of jobs reports and other economic data in the past year that spun gold up intially the first hour, and then right back down the next hour...regardless of whether the report looked net positive or negative for gold. My gut feel says the intial swing is usually just a head fake before the real direction emerges. Before the announcement gold had been in the process of pulling back from 1140 to 1118. Probably some still unfinished business that this report momentarily interrupted. Today's report shouldn't really change anything other than sentiment for a couple of hours. The FED and Treasury have some work to do to ready themselves for next week's bond auctions.

roadrunner

OPA

Yup....looks like it lost some if it's steam, just as RR indicated.

Justacommeman

<< <i>Don't count your chickens too soon. There have been a number of jobs reports and other economic data in the past year that spun gold up intially the first hour, and then right back down the next hour...regardless of whether the report looked net positive or negative for gold. My gut feel says the intial swing is usually just a head fake before the real direction emerges. Before the announcement gold had been in the process of pulling back from 1140 to 1118. Probably some still unfinished business that this report momentarily interrupted. Today's report shouldn't really change anything other than sentiment for a couple of hours. The FED and Treasury have some work to do to ready themselves for next week's bond auctions.

roadrunner >>



No chicken counting yet. Just making a comment on the intial reaction. As you know it pulled back and shook a lot of people off the trade before it closed at near the HOD. $1142.50 will be tough resistance to break imo. MJ

roadrunner

Yup, looks like it shook away weak hands at both ends of the current $1113-$1142 trading range. Going to need to see a break either way to start a fresh move.

COT reports for the week were essentially unchanged with fairly even trades between longs and shorts (gold, dollar, silver). Much of that week was part of the holiday routine so not much was expected. The gold commercial ratio did weaken a bit from 3.94 to 3.84 but in the process they added 16,000 contracts to bring the total back to near the recent highs...507,000. No real liquidity shifts this week.

roadrunner

jmski52

Does it make any sense that a freeze in Florida might influence the price of pms in this somewhat tenuous environment?

Justacommeman

<< <i>Does it make any sense that a freeze in Florida might influence the price of pms in this somewhat tenuous environment? >>


Are you worried that those with pm's will have tongues frozen to their silver/gold bars in light of the freezing temps?

MJ

57loaded

<< <i>Does it make any sense that a freeze in Florida might influence the price of pms in this somewhat tenuous environment? >>



not really it's not just OJ and grain from Canada to feed the "Happy" cows in California getting delayed in the midwest.
if anything this would be already factored (traded) in.