Gold

Aside from some particular individual movers on the equities indices, the reason the markets are tumbling is because Europe is the first world's economic sick man right now.

As we warned on Friday, short covering and bargain hunters stepped in today and bid gold up. This is fairly predictable.

Leaving behind a period of indecision, markets went off in their own special ways like a string of firecrackers after the U.S. Labor Department reported the U.S. economy created 240,000 jobs in September with the August numbers being revised upward, as well.

But all the clocks in the city Began to whirr and chime: 'O let not Time deceive you, You cannot conquer Time.

Tomorrow the Labor Department will issue its monthly employment report with September's numbers. If ADP's private assessment is any indication, the U.S. will be adding around 190,000 to 220,000 jobs. Additionally, first-time unemployment claims plunged to a fourteen-year low. (However, that just about makes up for the unexpected rise in the previous week.)

The dramatic sell-off in equities across the globe - except for Shanghai, which eked out a quarter-point gain - sent gold up today, covering yesterday's losses.

Of course, the glib answer is, "It's the end of the 3rd quarter." But we're thinking it's time for a reassessment across the board as to where the four major economic powerhouses are headed as we enter Q4 of 2014.

Adding to uncertainty in international affairs is the situation in Hong Kong. Hong Kong occupies an unusual position in the world financial community, and in the geopolitics between communist China, the rest of Asia and the West.

With a mighty assist - a shove - from dollar strength, gold resumed its downward trend again today. The dollar was up against the euro, GB pound and the yen.

The greenback's strength was instigated by a number of data reports today that showed great vigor in the U.S. economy.

U.S. GDP was revised upward from a very vigorous 4.2% even higher to 4.6% for the second quarter.

Battling the headwinds of a stronger dollar on the day, gold found some enthusiasts, even if they were feeding on the bottom a bit. At closing, this afternoon, gold is up about $5.00.

Fundamentally, today's driving force in precious metals has been the rise of the dollar, which rocketed back from a few days of downward slippage.

Looking at a number of factors, this should not be surprising.