U.S. Jobs data was released earlier this morning and showed only 96,000 were created

U.S. Jobs data was released earlier this morning and showed only 96,000 were created in the month of August. That’s well off the anticipated mark of 120,000 jobs and, though the unemployment rate fell to 8.1% from 8.3%, the labor force participation rate – the percentage of working-age persons in an economy who are employed or unemployed but looking for work – fell to its worst level in over 30 years. My arithmetic tells me that, with employment being cited as a key factor in the Federal Reserve’s decision to inject the economy with more stimulus, it’s becoming harder to make the case that the economic brain trust of this country won’t hit the QE3 button. There are no other economic reports on tap for today and frankly, if there were, it wouldn’t matter because assets across the financial landscape are surging already. The precious metals complex is well in the green early in the trading session as many begin to position themselves ahead of next week’s FOMC meeting that concludes on Thursday. Gold is up nearly 1.5% at $1730 with silver up 2.25% at 33.41. With platinum already being supported by the ongoing tensions in South Africa the white metal has been pushed even higher. Platinum flirted with the $1600 mark and is now trading at $1596. Palladium is only modestly higher at $648. Have a great weekend!