Gold gained more than silver which was a bit odd. Yes, it was a risk re-assessment sort of a day, but in London some of the industrial metals like lead and zinc had done quite well.
This market is likely to be more data and less euphoria driven over the next few weeks, as we have the Non-Farm Payrolls along with a few other goodies like the second estimate of Q3 GDP and the ISM Index.
This coming weekend there will be a referendum on the constitution in Italy that may take on a Brexit-like significance. We'll have to keep an eye on that one.
The Fed will be getting its last chance for this year to raise rates by 25 to 50 basis points in December. I doubt they will be deterred by anything short of shockingly bad economic news.
And finally, that back breaker of utopian monetary theories, the Zimbabwe Dollar, is making a post hyper-inflationary comeback. They ought to have listened to Tim Allen and given their monetary policies more power.
Yeah, India's Modi knows what we're talking about— a little monetary wet work to flush out the old fiatscos and take a strong grip on the value of your currency by the vulnerable parts.
Have a pleasant evening.
