Positive US joblessness data, China PMI: Gold yet to reach the bottom

ADP surprises to the upside (best job additions in 8 months), jobless claims down a tad, tomorrow's big report still on tap. One look at the joblessness chart (just shown on CNN) tells the story. That story is that since that awful peak in 2009 the trend -even with minor interruptions-has been down, down, down. Mind you, if Sweden's crisis of yonder is any indication, the US may have to be content with an eventual overall "full" employment rate that contains a 7% unemployment component. Some jobs are just not coming back, folks- even if the "Rominee" promises 12 million new ones under his hoped-for reign.

China manufacturing at just above 50 does not by a long shot imply that the bottom is in or that the country is out of the woods. One more serious stumble in Europe and they can start brooding again in Beijing. At any rate, neither of the above are reason enough to declare the bottom of the recent gold correction is 'in' either. Or in silver, for that matter. Things may be different in platinum/palladium as they were deeply oversold, but I would not count my chickens in that niche either, just yet. So, we are back to India -hoping it will swallow a lot of gold for Diwali. Methinks: not this year.

Hope all of you in NY and surrounding areas get back to normal sooner than soon.