20,600 gold sold in four minutes starting at 8:30. Silver getting hit hard. No “glitch delay” in BLS Jobs Report this month, but the number is downright ugly…
UPDATE: Silver just lost $16.50 as Market opens:
Here it comes again for gold:
Since we have been shown that there is no precious metals price suppression, people must really just not like gold right now, so much so that they must go into the pre-market and sell $2,605,900,000 worth of “gold” as fast as possible heck with where the bids are.
They just really want out of the worthless metals, and fast!
So of course, this makes complete sense:
Doesn’t look like there is much more downside however:
As the dollar has puked up it’s “gains”:
Because the ESF and the Fed don’t want this thing creeping up:
So they may just have their hands full for a while.
And the markets aren’t even open for another 15 minutes.
Here’s a rundown from Zero Hedge
As noted earlier, Wall Street was completely clueless ahead of today’s payroll, with most expecting a small positive print but two brave forecasters went so far as to predict that the recent hurricanes would result in a negative print, and sure enough, moments ago the BLS reported that in September, the US economy lost 33,000 hurricane distorted jobs, the first payrolls decline since September 2010.
While the September number was expected to be noise, the historical revisions were more problematic: total nonfarm payroll employment for July was revised down from +189,000 to +138,000, while August was revised up from +156,000 to +169,000. With these revisions, employment gains in July and August combined were 38,000 less than previously reported. After revisions, job gains have averaged 91,000 over the past 3 months.
The BLS also reported that the unemployment rate tumbled from 4.4% to 4.2%…
… because some 1.47 million people were not at work due to bad weather.
Meanwhile, as jobs tumbled, the labor shortage created by the hurricanes pushed average hourly earnings sharply higher as we had previewed, and as the BLS confirmed moments ago, in September, AHE rose by 0.5% M/M, above the 0.3% expected, and far above the 0.2% in August, while on an annual basis, the increase was an outlier 2.9%, far above the 2.5% expected and prior.
As a result of the spike in wages, the odds of Fed hike by year-end have climbed above 75% for the first time.
However, President Trump is lovin’ these markets so much that he has now taken to re-tweeting Fox News: