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Today the United States enters day nine of a partial government shutdown, minutes are released from last month's FOMC meeting and President Obama nominates Janet Yellen to be the next the chairman of the US central bank. This triad of events were the major factors that led the US stock market to trading higher and the US dollar getting stronger.

The incoming fire from Washington to the rest of us trying to get along has gotten so out of hand that more and more people are turning away from the crisis to watch, say, the saga of the 9-year-old stowaway to Vegas on a Delta flight.

Fundamentally, it's hard to get a grip on where the precious metals are going for more than the next 24 hours. News flies hot and heavy. Today's "yes" is tomorrow's "no." One day at a time, as the saying goes.

discuss what is real and what is not.

It doesn't matter inside the gates of Eden.

      - Bob Dylan, Gates Of Eden

      

As if precious metals traders did not have enough to think about given the economy and the Fed, the princes and princesses inside the gates of Washington have handed us another grenade to play with.

Gold and silver fought off the best efforts today of profit-takers who looked to cash in on yesterday's sharp rise in prices. The metals are about even or dealing with a small loss with an hour to go in afternoon trading. 

"Come on people, smile on your brother..." 

         The Youngbloods, "Get Together"

 

"Life goes on long after the thrill of living is gone..." 

          John Mellancamp, "Jack And Diane"

 

As the U.S. government throttled toward a shutdown, money invested in all instruments stampeded toward the sidelines around the globe. 

The casual observer might think that the people running Washington would be better suited to be actors in a soap opera. The worms keep turning the same ground over and over.

American jobs data released today was better than expected and it again thrust the tapering of QE3 to the front burner, nudging away the immanent government "shutdown" threatened by right wing members of Congress.