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Gold

Gold essentially held steady today in advance of more data due out later this week from the U.S. Department of Labor. Many analysts and traders are figuring that, one way or another, employment data will drive the FOMC meeting later this month and into 2014.

Being on the right side of a trade is comforting.

Gold prices dropped Monday when a better-than-expected U.S. factory report beat expectations and fueled demand for the dollar by shoring up expectations that the Federal Reserve will begin to scale back monetary stimulus programs in early 2014.

Gold turned higher today in thin trading on a slow roller coaster day.

Gold saw its worse price drop in November since June for a variety of reasons, some of them right on, others terribly misguided. But prices are about 5% lower for the month, regardless of the quality of analysis.

The Dow, S&P and NASDAQ are all up healthily today.

 The monetary conditions that are creating the boom in equities is, as we go deeper into quantitative easing is turning out now to be bad for gold and silver. The effect has operated on two curves, gold on one and equities on another.

The chief fundamental driver in the gold market today was the nuclear accords the West has almost signed with Iran. There is a subplot on the international military diplomacy stage, as well: China and Japan.