Gold sunk below $1,150 per ounce on Wednesday to its lowest since mid-2010, opening the way for a fall to $1,000 as a surging dollar and stronger share prices weaken the investment case for non-yielding bullion.
Silver fell even harder to hit its cheapest since February 2010 at just above $15 an ounce.
Spot gold, which skidded to its lowest since April 2010 at $1,137.10 an ounce, was trading down 1.8 percent at $1,147.
Read MoreHere's the tragic irony of the gold bubble: Pro
Technical analysts said a test of the $1,000 level could be on the cards following a break of support at $1,150 an ounce, a key retracement of gold's rally from its 2008 lows to its September 2011 record high at $1,920.30.
video and more here:
http://www.cnbc.com/id/102152719#.
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https://www.google.com/finance?q=gld&ei=-k9aVKjUJYG9sQfNwoDICw
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11/05/2014 @ 9:19AM
ADP Says Private Sector Added 230K Jobs In October
Released Wednesday, ADP’s latest National Employment Report showed private payrolls adding 230,000 jobs in October, the second highest gain of 2014 behind June.
ADP also bumped up its September reading to plus 225,000 from plus 213,000. Yet the August addition number was slashed to 162,000 from 202,000 making August the second lowest gaining month of the year. January was the worst month with 121,000 jobs added.
Despite the disappointing revision to the August number Moody’s Analytics Chief Economist Mark Zandi was optimistic in a statement on the results. “The job market is steadily picking up pace,” he said. “Job growth is strong and broad-based across industries and company sizes. At this pace of job growth unemployment and underemployment is quickly declining. The job market will soon be tight enough to support a meaningful acceleration in wage growth.” Moody’s collaborates with the payroll company on the monthly report. ADP — Automatic Data Processing – CEO Carlos Rodriguez noted, “Employment continues to trend upward as we begin the last quarter of 2014.” He also pointed out that most of the growth last month came from small and mid-sized companies.
By company size, ADP showed Mid-sized businesses with 50 to 499 employees adding 122,000 jobs in October. Employers with less than 500 people on their payroll added 102,000. On the other hand, businesses with 500 or more employees added just 5,000 jobs with the largest businesses — 1,000 or more — actually cutting 8,000 jobs.
Even as big business cut back, all major industries covered by the ADP report added jobs last month with Professional and business services adding the most at 53,000. Trade/transportation/utilities added 47,000 jobs while other industries were farther behind. Construction added 28,000 jobs, manufacturing added 15,000 and the financial activities industry added 4,000.
This report came in stronger than many economists were anticipating (PNC’s Stuart Hoffman and Gus Faucher predicted gains of 220,000 jobs, for example) but other market watchers have struggled with just how much weight to give the ADP report in indicating where government figures will fall. In his weekly market commentary Randy Frederick, a managing director at Schwab’s Center for Financial Research, noted that the measure, “Overestimated payrolls in September and underestimated them in August, so it has not been particularly helpful of late in forecasting the official report.” The Bureau of Labor Statistics will release its October employment report on Friday, November 7 at 8:30 a.m.
On Tuesday Paychex, another payroll provider that specializes in small employers, released its monthly Paychex | IHS Small Business Jobs Index. The index looks at changes in rate of worker growth at 350,000 companies. Each business in the sample group has fewer than 50 employees and 80% have fewer than 20.
On a national basis the index showed that the level of small business job creation in October was consistent with September. This is consistent with ADP data which shows business with one to 19 employees growing at a rate of 0.17% in September and October, up from 0.11% in August. Paychex index came in at 100.84, flat after four months of declines from a sharp record high in April. The barometer has increased 0.23% in the last 12-months, meaning the growth is picking up modestly.
more here:
http://www.forbes.com/sites/samanthasharf/2014/11/05/adp-says-private-sector-added-230k-jobs-in-october/
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U.S. Stocks Gain on Republican Victory, Payrolls Report
By Namitha Jagadeesh and Joseph Ciolli Nov 5, 2014 9:11 AM CT
U.S. stocks rose, sending the Dow Jones Industrial Average to a record, as Republicans won their first Senate majority in eight years and data showed companies added more workers in October.
The S&P 500 climbed 0.3 percent to 2,018.85 at 10:07 a.m. in New York, heading for a record close. The Dow added 58.86 points, or 0.3 percent, to an all-time high of 17,442.70.
“With the election results, the strong ISM manufacturing result from the other day and today’s employment report, it continues to improve investor sentiment,” Robert Pavlik, who helps oversee $4.5 billion as chief market strategist at Banyan Partners LLC in New York, said in a phone interview. “The market also likes the fact that the ECB might deliver some additional quantitative easing-type measures.”
Republicans retained control of the House and won enough seats to reclaim a Senate majority held by Democrats since 2006. They will control both for the remainder of President Barack Obama’s term.
Fourth quarters of midterm years have produced average equity gains of 8 percent in the past 65 years, according to the Stock Trader’s Almanac. They’ve been followed by rallies of almost that much in the next three months, making the average 16 percent two-quarter rally the best combination of the election cycles.
video and more here:
http://www.bloomberg.com/news/2014-11-05/s-p-500-futures-rise-as-republicans-near-senate-majority.html
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The exact opposite of the Stansberry predictions are happening.
gold, predictions, and the real agenda - 2013 - 12.31.2013
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