Gold is up today, winning a few dollars from both dollar weakness and regular trading. It may not be time to break out the champagne, fundamentally speaking, but the week is off to a good start for gold bulls. At 4PM, spot gold is up around $4.00.

There was a torrent of data and commentary to end the week today, which pulled some haven bets down but pushed equities and the dollar up.

We are entering a phase in which we have to begin discussing fairly consistently the odds for a December rate rise. We are already leaning, on a fundamental basis, away from December, a minority position.