Next two weeks pivotal for precious metals

they chop the fund investors,

mining companies, must pay the bank and get their back side drill. that was part of doing business.

 

Numbers came in at 255k, last month's number were revised up to 292k and wage growth came in at 0.3% causing gold to sell off immediately to the $1350 level and the USD to rise against the other currencies

 

Big payroll number. Marketwatch is giving two different numbers at the moment though.

Edit.

One was June revised.

http://www.marketwatch.com/story/us-gains-292000-jobs-in-july-2016-08-05

 

Looks like the algos took out the stops at $1350 gold with a low of $1340 and $20 silver with a low of $19.75. At least we're seeing some action, this consolidation is boring.

 

Just one more question Pirocco, where did the demand drop of 600 million oz and supply increase of 600 million oz come from?

The etf's were only adding about 100-150 million oz plus the drop off in Indian demand of 100 million oz, so that's a physical demand drop off of 250 million oz. So to account for the other 950 million oz of demand drop/supply increase, it would have to come from the futures market, which would equate to 190,000 contracts. But in your chart the change was only 50,000 contracts, which leaves 700 million oz of demand drop/ supply increase unaccounted for.

So it still doesn't explain to me how it works.

 

So, I guess this time it's the right time to buy into Silver or is it not ?