I'm not reproducing the whole post that was lost, but here's an abbreviate version ...
GOLD
Gold rallied hard today. Prices saw their highest
settlement since Dec. 11 and gained 0.7% for the week. Certainly the gold picks in Gold &
Resource Trader are having a good day. For a change.
Traders are crediting the poor jobs data, or rising
inflation expectations. While both have some influence, I think the biggest
influence is China.
I wrote a long issue about it today for by Gold &
Resource Trader subscribers. Suffice to say that China’s demand for
gold is enormous and growing. China has been buying everything the ETFs are
selling and then some.
And what happens when the ETFs stop selling gold?
Meanwhile, Blackrock says that gold supplies could “start
to decline quite rapidly.” We’ll see. Meanwhile, another analyst puts the “gold
price pain point” at $1,050 per ounce. That’s the level at which, from an
all-in cost perspective, half the industry
loses money. The good news for miners is that this is actually lower than
the second quarter pain point of $1,200.
THE ECONOMY
Should we talk about the jobs numbers, or just numb ourselves
with alcohol? Gosh, those were terrible numbers today.
The monthly U.S. jobs report added only 74,000
non-farm jobs in December. That key payrolls figure was expected to have
shown a rise of around 200,000 jobs. Ouch!
Jobs were lost in government (-13,000), healthcare
(-6,000), IT services (-12,000) and construction (-16,000 – owing to cold
weather and at odds with ADP data) in December.
Here are three
weird things about this jobs number.
And Bill
McBride adds his excellent analysis. He says not to worry. Yet.
CYBERSECURITY
The Target data breach covers 1/3 of adult Americans http://nyti.ms/1amKgO0. Maybe it’s time to change your
pin number, eh?
JUST FOR FUN
Have a good Friday.Fuck Blogger.
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