29,450 Gold Contracts Dumped In 9 Minutes To Smash The Gold Price

Cue the (delayed) smashing of gold & silver coming off of a horrible BLS Jobs Report (wages miss big and nearly a million drop out of the labor force)…

Well, so much for some Friday optimism.

$3,754,875,000 worth of paper gold was just sold between 10:37 a.m. EST and 10:45 a.m. EST.

The smash was steep:

Gold & silver are now poised for a weekly loss:

We’ll see, but for now, disgusting.

Though an awesome opportunity for a flash sale on some precious metal.

Stack accordingly…

******

We were looking for a big move up or down on Monday because of a number of factors. We’ll see how that call holds as we end the week.

Markets don’t even officially open until 9:30 a.m, yet there is good volume coming off of the BLS Jobs Report. Hopefully silver can get above and stay above $17.25.

However, resistance is stout with both the 50-day and the 200-day causing problems:

Nonetheless, gold and silver responded nicely to the release on good volume:

Are bull flags forming? Maybe:

Here’s more about the jobs report:

From the man himself:

From the BLS:

Total nonfarm payroll employment rose by 261,000 in October, and the unemployment rate edged down to 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment in food services and drinking places increased sharply, mostly offsetting a decline in September that largely reflected the impact of Hurricanes Irma and Harvey. In October, job gains also occurred in professional and business services, manufacturing, and health care.

From Econoday:

From Zero Hedge

Well, with virtually everyone expecting a 300K+ payrolls number after last month’s negative hurricane-distorted print, and with whispers of a 400K print floating around, it only made sense that not only would payrolls disppoint, printing at 261K, one standard deviation below the 310K consensus estimate (even though September was revised higher from -33K to +18K).

 

…  but also that the far more important average hourly earnings number, which was expected to rise at a 2.7% rate Y/Y, also missed, printing at 2.4% instead with September revised lower to 2.8%. Worse, on a monthly basis, there was no wage increase at all, printing at 0.0%, below the 0.2% expected, and the lowest since June 2015.

At least the unemployment rate dropped to a new cycle low, declining from 4.2% to 4.1%, below the 4.2% expected.

Nearly a million people dropped out of the labor force: