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Amazing isn't it......
Gold in the overnight session hit $871. But as usual before NY opened the tanking started. Then the very esteemed, very wrong ADP jobs report hit, and predicting a whopping +40k increase, the market completely turned around. The dollar was nicely negative and once the report hit, went positive. Gold went into the red.
It is this type of action that calls into question the accuracy of the openness of the gold market.
The ADP report is roughly a year old and has been consistently off the mark. How and why this report can move markets is beyond me. (Don't get me wrong, the official job report is way off the mark also). Maybe I should start my own report.
New jobless claims were down slightly, but continuing claims were the highest since September of 2005.
It is crap like this that has me saying "You've got to be kidding me!"
It is this type of action that calls into question the accuracy of the openness of the gold market.
The ADP report is roughly a year old and has been consistently off the mark. How and why this report can move markets is beyond me. (Don't get me wrong, the official job report is way off the mark also). Maybe I should start my own report.
New jobless claims were down slightly, but continuing claims were the highest since September of 2005.
It is crap like this that has me saying "You've got to be kidding me!"
posted by Neal | 8:45 AM
1 Comments:
The ADP is a fluff & fold number. They use only the firms they do payroll for, leave out huge chunks of the workforce spectrum, and use the BLS's highly massaged "Birth and Death Model" to pump up the stats.
100% weapons-grade balonium, a definite "You've Got To Be Kidding Me".
Speaking of balonium, Bloomberg ran a story from the Captain Obvious files:
"Fed Officials' Forecasts Are a `Waste,' Study Says"
http://www.bloomberg.com/apps/news?pid=
newsarchive&sid=a2JsWPu31_oI
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