May 10, 2021
Good day…. And a Marvelous Monday to you… This will be the shortest Pfennig on record, as I almost didn’t answer the bell this morning… My cold took a turn for the worse, and I pulled a muscle in my stomach during one of my coughing spells… I can’t breathe without major pain right now… So, sleep and rest is my best bet to healing, and so, with that I’ll talk about the jobs number on Friday, and how it really sent the currencies and metals higher on the day, and that’s it… Sorry, but discretion is being the better part of valor for me today… The Easybeats greet me this morning with a song that usually gets my motor going, but not today, as they sing their song: Friday On My Mind…
Well, so much for those so-called experts that called for 1 Million new jobs in April, eh? The BLS jobs jamboree on last Friday showed that only 266,000 jobs were created… Now you know me, and how I like to sarcastic, but isn’t 266,000 just a but shy of 1 Million? C’mon Chuck don’t make yourself giddy or laugh this morning that hurts too much! The Unemployment Rate rose to 6.1% and all the spin doctors were out to try to make it all sound as if it didn’t happen…
But it did… The Currencies rallied all day on Friday, never looking back, and the Dollar Index closed the week at 90.24…. It had started the week on 5/3 at 91.19… So, not a good week for the dollar… The euro climbed to 1.2158… And all the other currencies followed the euro’s lead.
Gold & Silver had quite the day on Friday too, although, Gold could have ended the day higher, if it weren’t for the short trades that were entered late Friday afternoon… Gold closed the week up $16, and a price of $1,831.70… Silver also saw short trades late Friday afternoon, to limit its rise to only 15-cents, to close the week at $27.54
I’ll just add this.. Gold moved strongly above the $1,800 level which had been a line in the sand for the price manipulators… Now, Gold’s mission should it decide to accept it, is to remain above $1,800 and add to its current level…
I’ll try to have more for you tomorrow… At least you know that my leeriness with the call for 1 Million jobs created for April, came around to being correct, and things went haywire for the dollar since…
I don’t even want to do a currency roundup today, so I’ll leave you with this…
I hope your Mother’s Day was grand… I was supposed to smoke a whole slew of pork steaks for the Mother’s Day crowd here, but… I just bagged it, couldn’t get going… I stayed in the basement all day nd kept little Evie away from me, which was so difficult to do, for she was dressed so cute! So, you dear readers aren’t the only ones I’ve bagged!
Be Good To Yourself
Chuck Butler