Gold has traded between $1,304 and $1,331 so far today on “Jobs Friday” as August non-farm payrolls came in 30,000 below the consensus estimate…as of 9:45 am Pacific, bullion is up $8 an ounce at $1,322…Silver, which could be starting a BIG-TIME move, has jumped 43 cents to $19.28…Copper is unchanged at $2.09…Crude Oil has surged $1.28 a barrel to $44.44 while the U.S. Dollar Index has added (why?) one-fifth of a point to 95.85…
Holdings of SPDR Gold Trust fell for a 3rd straight session yesterday, dipping 0.57% to 937.89 tonnes…
Asian physical Gold demand improved slightly this week as a correction in prices prompted consumers to buy for the upcoming festival and wedding season, with discounts in India narrowing to their smallest in 3 months…
Will the Fed keep “crying wolf” even after this morning’s jobs report missed the mark? – very likely, but that’s only going to further erode its credibility…
It was another August “miss” on initial U.S. jobs numbers – the 10th time in the past 13 years the month has whiffed on market expectations…non-farm payrolls increased just 151,000 for the month, extending the futility August has experienced over the years…Wall Street economists were expecting the payrolls report to show a gain of 180,000 in August, with the unemployment rate ticking down one-tenth to 4.8%…those who were anticipating a Fed rate hike this month, just the 2nd in a decade, what were they smoking?…
Behind The Headline Number
Notably, the biggest jobs gains came in bars and restaurants, which added 34,000 positions…social assistance grew by 22,000, professional and business services added 22,000 and Wall Street-related positions grew by 15,000…health care also contributed 14,000…does this look like a thriving private sector economy?…
The official unemployment rate remained unchanged at 4.9%…a more encompassing rate that included discouraged workers and those holding part-time jobs for economic reasons held steady at 9.7%…those counted as not in the labor force increased by 58,000 to a staggering 94.4 million…the labor force participation rate remained unchanged at 62.8%, near 40-year lows…
What else?…wage growth actually took a step back last month with hourly earnings up just 3 cents at an annualized pace of 2.4%…the average work week declined 0.1% to 34.3 hours…
In the coming weeks you’ll hear Hillary Clinton talk profusely about how her “infrastructure” plans are going to create jobs and boost the economy – is that the only idea liberals have across the world, from the EU to Japan to the U.S. and Canada, to spur economic growth?…how about lower taxes and real tax reform, less regulation, smaller government, smarter trade deals and other much-needed structural reforms?…
Oh, That Curly Hair And Those Tight Muscles!
It seems that sensible fiscal and foreign policies don’t matter as much these days as “image” when it comes to professional politicians (that’s why many economies around the world are under-performing)…
On Canadian Prime Minister Trudeau, an observation during his China visit from the Chongquing Morning Post in a blog post:
“He has curly hair, deep eyes, a handsome face and tight muscles. Today we introduce everyone to a Hollywood star – oops, that’s not right – the Prime Minister of Canada!”
In Today’s Morning Musings…
1. Venture starts September with a bang…
2. Drilling at two past producing mines – watch these ones closely!…
3. Daniel’s Den – the Rockefellers of Venezuela and Harvest Natural Resources (HNR, NYSE)…
Plus more…click here to read the rest of today’s Morning Musings and all BMR exclusive content, through a risk-free Pro, Gold or Basic package, or login with your username and password…
thanks for the Friday chuckle,,,,thers a good point,half the jobs created were from this-depressed people in the us are with drawing their money from investments,going to bars and drinking then seeking help for depression,sad state,rate hike when pigs start flying!!!
Comment by Laddy — September 2, 2016 @ 9:36 am
Gawd I hope GGI is not another Baja
Comment by DavidW — September 2, 2016 @ 9:48 am
i’ll go out on a limb here and say regoci has waited till all this fed crap is done with, maybe next week he gives some kind of direction with king,maybe.venture looking really nice……
Comment by Laddy — September 2, 2016 @ 10:14 am
this should be a really good month for the golden triangle I would think, more cxo results,ske results,abn working?,ggi startup?and others sniffing around,should get national attention lets hope…
Comment by Laddy — September 2, 2016 @ 12:14 pm
Laddy, I highly doubt Regoci is waiting for the fed crap done to be done, if he is he will be waiting forever. That’s all just a bunch of noise, he needs to worry about getting done to business and communicating with shareholders. He needs to worry about things he can control.
Comment by Danny — September 2, 2016 @ 5:15 pm
KTN – I can’t believe Kootenay Silver is at .465/.475 bid/ask and with relatively low volume. Silver shot up .50 yesterday and % wise did better than gold. There was hardly any increase in price over the entire trading day. KTN should be over half a buck on Tuesday in my mind. Jon, am I missing something here?
Comment by Vepper — September 3, 2016 @ 6:06 am
Yup Danny, agreed , still hold some and dust is pileing up on those shares, he’s taken a page out of the crooked Hillary book I guess, been asking and calling around about cnz just so I could drive by and have a look to see this operation here in town, still no luck, very interesting play.
Comment by Laddy — September 3, 2016 @ 6:45 am
Vepper, it looks really good in every way – we’ll also have a KTN chart update by tomorrow. Like a lot of other stocks recently, it has gone through a healthy consolidation within a primary bull market, but it’s obvious where the support is – and I’m certain it will launch from these levels. Should start seeing some drill results soon from La Cigarra and the Promontorio Project (JV with Pan American). As far as I’m concerned, one of the best Silver plays in the market and we’re still in the early stages of a new Silver bull cycle.
Comment by Jon - BMR — September 3, 2016 @ 8:08 am
Been doing some research today on Canadian Zeolite (weather is ugly today in Edmonton so I am bored). It looks real interesting, great share structure, good product in the right field. It looks like they are just starting to generate some cash flow. Does anyone have any idea on what kind of cash flow they may be able to generate? I know it’s early in the game so maybe an unfair question. Thanks
Comment by Danny — September 3, 2016 @ 10:29 am