Thoughts on Markets

Friday, October 08, 2010

Jobs Down - FVITF - HL - Miners - Currencies - SILA

Folks, It is once again the weekend, and we are called by the Sovereign God of all to join together in corporate worship. I pray and hope that each of you will join with other Christians to worship Him on the Lord's Day. 

Every day of our lives should be lived as a worship to Him. However, because King Jesus was resurrected on the first day of the week, the New Testament Israel (His body, the Church) regularly meets on the first day of the week to celebrate His resurrection. So, I encourage you to join in corporate worship in a soundly reformed church which accurately preaches the entire Word of God, properly administers the sacraments to those baptized in the names of the Father, Son, and Holy Ghost. exercised discipline in accordance with the Word of God.

As Paul says in the Bible, "Rejoice," and again, I say "Rejoice."


US data eyed as gold steadies
Gold consolidated in European trade on Friday, steadying after the yesterday's volatile trading session. Today we will have the "exciting" job Jamboree. It will contain all sorts of padding, but has market consequences due to the fact that perception is more important to Lemmings than facts. Of course, we must understand that their are no objective facts, because facts to be meaningful must be interpreted correctly. That is seldom the case. Read it HERE.


Junior gold stocks vs the majors - Risk vs reward.
At times of a rapidly rising gold price juniors tend to outperform, but at what risk to a downturn. This is particularly true in the 3rd phase (Gold Rush) of the precious metals. HERE.

Harmony Gold's production guidance for Q3
HMY is one of my core holdings. HERE.

A.M. Kitco Metals Roundup: Comex Gold Rebounds Following Weak U.S. Jobs Report
Comex gold prices are trading moderately higher Friday morning, rebounding from weaker price levels earlier in the day, as a weaker-than-expected U.S. employment report has pushed the yellow metal higher. December Comex gold last traded up $8.60 an ounce at $1,343.60. Spot gold was last quoted up $8.50 at $1,342.50.  HERE.

Employers in U.S. Cut More Jobs Than Forecast in September
The U.S. lost more jobs than forecast in September, reflecting a decline in government payrolls that shows the damage being done by rising budget deficits.
Employers fired 95,000 workers after a revised 57,000 decrease in August, Labor Department figures in Washington showed today. The median estimate of economists surveyed by Bloomberg News called for a 5,000 drop. The unemployment rate held at 9.6 percent. Even with all the padding, the report shows slow economy in the US. HERE.


Dollar Falls Below 82 Yen for First Time Since 1995 After Payrolls Report
The dollar dropped below 82 yen for the first time since 1995 as the U.S. payrolls report showed employers cut more jobs last month than economists forecast.
The greenback was headed for a fourth weekly decline against the euro as the weak labor market encouraged speculation that the Federal Reserve will debase the currency by stepping up purchases of government debt. The dollar has fallen 4.8 percent versus the euro since Sept. 21, when the Fed said it’s willing to ease monetary policy further to lower unemployment. HERE.

Here's Fortuna today. It is looking good again and took only a small dip yesterday from which it seems to be recovering. After buying at 3.00 and a bit less early in the week, I was hesitant about buying on the dip to 3.19 or so. If I am correct about the "W" in the graph, below, it should move higher today or very soon.

Here is another of my core silver miners: Hecla (HL). This is a bit more positive than Fortuna, but both look good to me. I have both in my portfolios. These are not the largest silver miners, but apparently are sound companies.

Miners from (All are rebounding):

Currencies from (Note that gold is going up again against almost all currencies):

Some Prices: FVITF 3.1607 (It is tempting to me, and I will email if/when I buy.); SILA 0.8102; TLT 105.21 (Bonds are up a bit today); DOW off 4.66 to 10943+; SPX off 1.28 to 1156.78; Gold Up 8.60 to 1342.20; Silver up 0.47 to 22.97.
Best to each, Doug


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