Mild, Mild Weather

A mild round of bargain hunting or bounce buying characterizes today's gold and silver trading. Put a big emphasis on mild.

The slightly eased temperature in Ukraine did not help matters for bulls. Heck, if an invasion by Russia didn't help precious metals, why would peace talks?

It seems that bargain hunting was the order of the day across the board as all exchanges but NASDAQ were up. Exchanges in Europe and Asia were up as well. Oil bounced back, the  U.S. 10-Year's yield was down but price of the bond was up. A dollar dip also helped precious metals.

We are also expecting a glowing jobs report on Friday, predictions running at about 230,000 new hires for the month of August. Even if the report comes in slightly lower, the rumors about a Fed rate hike will abound again. If it comes in higher, the price of gold and silver will take a beating.

Almost all indicators in the U.S. are pointing up - housing, manufacturing, natural resource recovery and refining. Consumer spending is still sluggish, although optimists are beginning to feel strongly that worm is about to turn.

All those positive economic signs point to rough sledding for gold and silver.

What will a war with ISIS bring? President Obama seems to be promising one.

We can only wait on world tension.

As always, wishing you good trading,