7 September 2016

 Ever since we last visited the precious metals complex, prices have moved substantially higher, starting with Friday’s US nonfarm payroll number. After the usual media buildup and curtain call, the jobs number came in at 151,000, less than the 180,000 expected. Gold at first rallied, as both the dollar and bond yields fell, but by the end of the session, markets reversed course as investors figured that the number was not enough of a “miss” to deter the Fed from altering its rate trajectory. Gold was the exception, maintaining its gains on Friday, although closing somewhat off its highs.