SP 500 and NDX Futures Daily Charts - Up, Up and Away On Apple Expectations

US stocks managed to close higher today, led by the tech-heavy NDX which is rallying in anticipation of a new product introduction from Apple tomorrow.

I think the Nas even managed to close at a new all time high today. Well done, Fed.

So here is the stock market, all dressed up, but with no place to go. The real economy cannot afford a date.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Out of Season

The Jobs Report came in light in key areas of wages and hours worked, in addition to the net number of jobs added.

And so the market rallied, on expectations that the Fed will stay its hand in September.

There is a bit of mixed sentiment, with the defenders of the statist quo like Goldman Sachs, the NY Times, and the Washington Post suggesting that this was a goldilocks report that opens the door to a Fed interest rate increase.

However, the rest of the market which is saying that there is no sustainable recovery, and therefore the data does not warrant it.

And so gold and silver rallied a bit on the back of a weaker dollar. The US needs a stronger dollar like they need another Clinton in the White House. Although Trump is certainly no better, just differently bad.

The States will be on holiday on Monday, celebrating those who labor. Ironic, because the policy of the ruling class pretty much hold those sorts in contempt.

Try to carry on without the imperial guidance.

A hurricane will be blowing its way up the East Coast this weekend. It is that time of year again.

Have a very pleasant weekend.

SP 500 and NDX Futures Daily Charts - The Long Weekend

“The books which the Holy Spirit is writing are the living, with every soul a volume in which the divine author makes a true revelation of His word, showing it to every heart, unfolding it in every moment.”

Jean-Pierre de Caussade, The Sacrament of the Present Moment

The Jobs Report came in light this morning, with a special nod to the average hourly wage and the hours worked, both of which missed projections.

There will be a three day weekend in the States, as we celebrate Labor Day.

How ironic, given the disdain that the ruling class holds towards those who earn their livelihoods through real labor.

Have a pleasant weekend.

NAV Premiums of Certain Precious Metal Trusts and Funds

The gold/silver ratio is less lofty at 68.

The Sprott Silver premium is a bit light compared to its historical relationship with Sprott Gold, but both are premium positive.

And both have been slowly adding to bullion by expanding the units outstanding and drawing down some cash levels.

Central Fund is trading at a 4.7% discount to NAV.

The Fall of the American Republic: Six Caesars

"Rome has grown so much since its humble beginnings that it is now overwhelmed by its own greatness...The state is suffering from two opposite vices, greed and excesses; two plagues which, in the past, have been the ruin of every great empire."

Livy

Gold Daily and Silver Weekly Charts - A Nation of Servants

The PMI number came in much lower than expected this morning at 49.4, an outright contraction.

This was dismissed by some as indicative of manufacturing, which is no longer very important to GDP as compared to the 'service sector.'

All eyes will be on the Non-Farm Payrolls report, probably to an excess, because the thinking is that a stronger number will give the hawks cover to arm twist a 25 bp rate increase at the FOMC in September.

A much lower than expected number will chill that expectation, and will probably cheer on financial asset prices unless it is disastrous.

The expected number is 180,000 and the 'whisper' is 200,000.

After the initial reaction, wiser heads will be looking at the prior month's revision from 255,000 if any.   And probably more importantly, they will look at the growth in average hourly earnings.

The financiers and the Democratic establishment would like a number north of 200k.  This would give the former a stronger dollar to eat you with my foreign dears, and the latter a boost for their presidential candidate who hopes to ride in on waves of Obama brand economicolatry.

So let's see what happens.

Have a pleasant evening.