Both gold and silver rose and fell together in fits and starts all through Far East and early London trading on Wednesday. Both metals went vertical the moment [or very shortly after] the London silver fix at 12:00 noon in London…7:00 a.m. in New York. Someone obviously didn’t like that, and both metals were under serious selling pressure immediately.

This continued through the Comex open…with the bottom coming at the close of London trading at 4:00 p.m. in their afternoon…11:00 a.m. in New York. Both metals rallied a bit after that, but both finished a bit below their Tuesday closes at the end of electronic trading at 5:15 p.m. on Wednesday afternoon. Both metals put in what [in technical terms] is called in a ‘key reversal to the downside’. This is not normally a positive development.

Open interest changes for Tuesday’s trading were as follows. Gold o.i. finally fell…this time by 7,719

Key News• Money-market rates jumped to records and the Bank of England relaxed borrowing rules for financial institutions as ``extraordinary'' strains deepened the credit freeze. (Bloomberg)

US Economic Events (WSJ):8:30a.m. Sep Nonfarm Payrolls: Expected: -105K. Previous: -84K. 8:30a.m. Sep Unemployment Rate: Expected: 6.1%. Previous: 6.1%. 10:00a.m. Sep ISM Non-Manufacturing Composite Index: Previous: 50.6.

Quotable “The problem is that Congress produces nothing. Whatever Congress wishes to give, it has to first take other people's money. Thus, at the root of the welfare state is the immorality of intimidation, threats and coercion backed up with the threat of violence by the agents of the U.S. Congress. In order for Congress to do what some Americans deem as good, it must first do evil. It must do that which if done privately would mean a jail sentence; namely, take the property of one American to give to another.”

       Walter Williams 

Key News• Money-market rates jumped to records and the Bank of England relaxed borrowing rules for financial institutions as ``extraordinary'' strains deepened the credit freeze. (Bloomberg)

US Economic Events (WSJ):8:30a.m. Sep Nonfarm Payrolls: Expected: -105K. Previous: -84K. 8:30a.m. Sep Unemployment Rate: Expected: 6.1%. Previous: 6.1%. 10:00a.m. Sep ISM Non-Manufacturing Composite Index: Previous: 50.6.

Quotable “The problem is that Congress produces nothing. Whatever Congress wishes to give, it has to first take other people's money. Thus, at the root of the welfare state is the immorality of intimidation, threats and coercion backed up with the threat of violence by the agents of the U.S. Congress. In order for Congress to do what some Americans deem as good, it must first do evil. It must do that which if done privately would mean a jail sentence; namely, take the property of one American to give to another.”

       Walter Williams