It was an interesting day yesterday as stocks were trading on the downside and precious metals rallied.

It was an interesting day yesterday as stocks were trading on the downside and precious metals rallied. We saw conflicting economic reports- ADP Payrolls Report showed that 215,000 private-sector jobs were added, but the ISM Non-Manufacturing PMI of 53.9 had the weakest reading since July. The ADP report signifies that a strong job report is likely to be seen on Friday, but the ISM indicates that businesses and consumers are cautious about their spending habits.  Gold had a knee jerk reaction yesterday in response to the ADP report and fell 5 bucks but reversed losses due to a short covering rally and greater global physical demand. The PGMS found support as money came out of stocks and went straight into gold. According to the Federal Reserve’s Beige Book Report, the economy is expanding at a “modest to moderate pace”. If Friday’s job numbers are sturdy, the Fed could begin tapering as early as December. This week’s initial jobless claims fell to 298,000 vs. 325,000 forecast. Gold is back to trading on the downside as the short covering rally is over and tapering fears are kicking in. The Fed’s policy-setting meeting is set to take place on Dec 17-18^th and the National Union of Mineworkers and Northam PT are having their meeting on Dec 5^th to settle their ongoing minimum wage dispute. Have a wonderful, wonderful day J