By Walter Pehowich
After a strong jobs number on Friday, the Precious Metals Market pauses to reevaluate its next move. Very little data this week will give the Gold market a chance to act on its own.
Wall street traders are watching the currencies this week to see if the dollar will continue to strengthen putting more pressure on the metals. Most believe the metals will stay in an offer mode until more data is released. I can’t disagree.
Most say, with the job number so strong, it opens the window for a rate hike in December and gives the Fed a break from all the criticism the Wall street traders have put on them. The majority of traders believe the at the next FOMC meeting a quarter point rate is a done deal. I guess the banks would be happy if this happens and it gives a little hope for retirees with money in the bank, but will hurt the real estate folks.