Why are we falling?, page-100

Could the correction in POG have been in anticipation of a September rate hike? Probably.

Now that may look unlikely. Starting warlier this week with the ISM number coming in at 49.4 from 52.0 with an expectation of 52.6. This caused the expectation of a September rate hike to fall from a weak 42% to an even weaker 30% over a week.

The NFP consensus is 180k. Plug that number in context with what the Fed's Mester said Thursday that the economy needs 75k to 150k jobs/month to keep unemployment steady.

That's the macro USD. The micro, BLK, is fundamentally strong and technically weak. I believe fundamentals trump technicals in the medium to long term because Au may still have a ways to go.

So was the bottom yesterday? That's what I'll be thinking about this weekend. (Dates to remember: US Labor(sp) Day is Monday. The Fed pronouncement is 21 September.)

OV

PS Thanks to AM and cjb for the Grandfather's port reccie.