"Andrew Jackson was compelled to fight every inch of the way for the ideals and the policies of the Democratic Republic which was his ideal. An overwhelming proportion of the material power of the Nation was arrayed against him. The great media for the dissemination of information and the molding of public opinion fought him. Haughty and sterile intellectualism opposed him. Musty reaction disapproved him. Hollow and outworn traditionalism shook a trembling finger at him. It seemed sometimes that all were against him— all but the people of the United States."
Franklin D. Roosevelt
The Non-Farm Payrolls report came in much weaker than expected, but the quixotic drop in the unemployment rate to 5.1% gives the Fed cover to take a policy action of 25 basis points, which is exactly what they would like to do at their next meeting on September 16-17.
And I suspect they will, unless the wheels fall off global markets. They are caught in a vicious cycle of 'error and repair.'
There will be a summary of the economic situation and a press conference with the Lady Yellen afterwards.
The hit on the metals was a bit half-hearted today, considering that China was still on holiday celebrating the end of WW II. The three day weekend may have put the junior manipulators off their feed a bit. No telling what those crazy Asians might do on Monday with pet rocks priced too cheaply.
And besides, the metals manipulation is probably getting a bit overdone on the paper leverage side, as demonstrated by the steady drain of bullion out of the Comex warehouses which continues.
I hear that there was a larger drain out of the LBMA which was far more important. But we will have to wait and see about the physical markets next week.
The US will be on holiday on Monday, celebrating 'Labor Day.' It is a quaint holdover from when the nation used to hold honest work in high regard.
The holiday abbreviated economic calendar for next week is included below.
Have a pleasant weekend.
