Seeking Alpha

Weak NFP report boosts precious metals, hits the dollar

  • Precious metals get their tails up following the disappointing September jobs number, with gold and silver moving from slightly in the red to higher by more than 1%. After falling to almost $1,250 per ounce last week, gold is back to $1,329. GLD +1%, SLV +1.5% premarket.
  • The dollar slips across the board. UUP -0.25% premarket. Up 0.4% vs, the dollar currently, the aussie (FXA) is particularly noteworthy. It suffered a brutal bear market this spring and summer, falling from $1.06 all the way to about $0.88 amid worries about a slowdown at home and in major customer China. It's been heading higher since around Labor Day, however, as the RBA signals a pause in its monetary easing campaign and as the growth outlook for China becomes less dour.
  • Dollar ETFs: UUPT, UDN, UDNT.
  • Precious metals ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDISLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.
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Comments (4)
  • chcc
    , contributor
    Comments (156) | Send Message
     
    cap, cap, cap! Let's see if gold can rise more than 1% today.
    22 Oct 2013, 09:11 AM Reply Like
  • filipo
    , contributor
    Comments (4215) | Send Message
     
    October won't be any better, given the schutdown that surely affected the jobs number.
    22 Oct 2013, 02:06 PM Reply Like
  • Ray_Rich
    , contributor
    Comments (57) | Send Message
     
    Likely gold will continue to rise for the short term. I like IAG as a gold miner... This will really benefit from the increase in gold price... Look for a good report from them this quarter.
    22 Oct 2013, 04:03 PM Reply Like
  • Mic33
    , contributor
    Comments (12) | Send Message
     
    Gold and Silver are good for long term investing. But if you are going to need the income in the two years, they are too risky for many portfolios.
    22 Oct 2013, 07:57 PM Reply Like
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