by Harvey Organ, HarveyOrgan.Blogspot.ca:
Gold closed up today by $19.30 to finish the comex session at $1606. Silver finished up by 81 cents to $27.79. Gold was immediately smashed on news that the USA had a good jobs number. However, with Europe solidly in the green and with Spanish and Italian 10 yr yields down, gold and silver took off along with the Dow.Europe decided on Friday, that maybe Draghi will get to orchestrate his ESM banking license.
It never ceases to amaze me the total manipulation in these markets and the press just look the other way. The key events to watch for will be the 20th of August, when Greece is scheduled to repay 3.2 billion euros back to the ECB from the ESFS. No doubt the ESFS will lend the money to repay the ECB. They may decide to forgo this and immediately default and issue drachmas. If the money is forked over,
then Greece has enough money to keep them going until the beginning of September and at that point, they will probably leave and the drachma will then be reinstituted. So we are just marking time. The USA jobs number released at 8:30 this morning was nothing but a farce. We will outline to you why. Before delving into those stories, let us head over to the comex and assess trading today.