Economic Calendar: Lions, And Tigers, And Jobs, Oh My!

There is plenty of economic data packed into this holiday-shortened week, with the highlight being the August Jobs Report on Friday.

War jitters in the Mideast are likely to overshadow most domestic statistics.

Gold Opens On the US Globex Trade With a Sharp Zig Zag Headfake

"Honest, industrious, peaceful citizens were classed as bloodsuckers, if they asked to be paid a living wage. And they saw that praise was reserved henceforth for those who devised means of getting paid enormously for committing crimes..."

Kurt Vonnegut, God Bless You Mr. Rosewater


"Like a boil that can never be cured so long as it is covered up but must be opened with all its ugliness to the natural medicines of air and light, injustice must be exposed, with all the tension its exposure creates, to the light of human conscience and the air of national opinion before it can be cured."

Martin Luther King, Letter From a Birmingham Jail

Just in case you were running with stop loss orders set too tightly, there was a nice zig zag open on the NY Globex in the gold futures trade.

SP 500 stock futures were goosed sharply higher, up to minor resistance.

Chris Hedges and the Real News On Syria

What seems most disturbing is the lack of consensus amongst reasonable people that is driven by evidence. 

While this is and should always be a concern, given the US missteps and incorrect statements in the lead up to the war in Iraq, it is almost unbelievable that the leadership lacked the political sensitivity to make a strong and credible case before threatening military action.

Potential Claims Per Deliverable (Registered) Ounce Remains Elevated On the Comex

Potential claims against deliverable supply on the COMEX remains elevated at about 52 per ounce as the Exchange muddled through the end of the August delivery period.

The claims spread out over every available ounce stored at COMEX warehouses, whether it is for sale or not, is also high at 5.46 per ounce.   There is an incentive to store one's bullion in a registered COMEX warehouse because one does not have to go through the re-evaluation process and expense if they decide to sell their gold bullion there.

It will take higher prices to encourage eligible bullion into the deliverable category.