Loading ...Not really helping us all that much. Silver up over 1% but gold is flat. Oil getting hit for 1.5%, threatening to breach below $67. Bitcoin hurtling toward $90K and will no doubt burst through it.
Then there’s the pm shares. Most of them are up less than 1% but…the SM futures which were up strongly earlier have been fading for the last hour or so. The ADP report came out as it always does two days before the jobs report. My guess is that it was weaker than expected because the dollar slid a few bips and because the SM did the same, the DOW is now down slightly and the QQQ’s are headed in that direction. Bad news must be bad news now. Unfortunately, that means pm shares have zero chance of a rally, regardless of what the metals do.
The circus continues. Silver will make an attempt at $32.50 for the 500th time in the last 3 months and will be soundly rebuffed. The shares will be sold at the open. Yawn.
edit: They just came in and smacked the metals for no apparent reason. The ADP numbers were horrific. 77K jobs vs 162K expected. Just means that the jobs report on Friday is going to suck, which used to be good for the metals, but now it’s bad. Gold slammed back below $2900. The dollar getting pounded, which also used to be good for the metals but is also bad now. Oil getting trashed, now in the $66 area. It appears we’ll be treated to quite the sh*tshow today.