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Pound Rises Versus Euro for Second Week on Waning Stimulus Bets	00:55 Bloomberg - Markets - Bonds
India and US overtake Italy as top gold jewellery exporters	00:45 The Times of India - Foreign Trade
German Bonds Gain Second Week as Europe’s Economic Slump Deepens	00:39 Bloomberg - Regions
Lebanon's Economy Weakened Due to A 50% Tourism Deterioration	00:22 Middle East North Africa Financial Network
Tourism 50 percent deterioration weakens Lebanon''s economy	00:22 Middle East North Africa Financial Network
Hair Topper - Solutions for Thinning Hair will Donate 3% of Retail Sales for …	00:13 Yahoo! US - Business - Press Releases
Hard-rock gold mining returns to Sutter Creek	00:11 The Sacramento Bee, California
Price decline revives bullion dealers? hope for festival season sales	00:11 The Business Standard
World economy may boost US investments	00:08 The Desert Sun, California
India, U.S. trump Italy as top gold jewellery exporters	00:02 Deccan Herald - Business
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Cathy O’Neil: Glen Hubbard, the Economic Whore	23:58 naked capitalism
Above The Campaign Spin: Charting The Economy's Actual Performance, A Comparison	23:50 SeekingAlpha - Macro View
Slow world economy may boost investments in U.S.	23:42 The Clarion-Ledger, Mississippi - Business
Economy adds 171,000 jobs in October	23:42 The Clarion-Ledger, Mississippi - Business
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Is economy better now? You decide (take our poll)	23:04 Reno Gazette-Journal, Nevada - Local Business
Romney warns against Obama’s economic policies	22:46 The Hindu Business Line - News
Hank Fishkind: Even faraway hurricanes affect Florida's economy	22:37 Florida Today
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Romney slams Obama’s economic policies	22:30 The Hindu - Economy
Storm Sandy to cost New York state economy upto $18bn: Govt	22:19 MoneyControl.com
India, US top gold jewellery exporters	22:06 The Times of India - International Business
Latest job numbers show a slowly recovering economy	22:06 The Kansas City Star
Rupee appreciates for fourth day	21:41 Times of Oman
US economy adds 171,000 jobs	21:37 The West Australian - Business - World
Yen Tumbles Versus Majors After BOJ Easing; Dollar Gains on Data	21:22 Bloomberg
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Economy Slowly Adding Jobs, Presidential Candidates Use Those Numbers on Campaign Trail	21:07 Daily News, L.A.
U.S. economy adds 171 thousand jobs; unemployment rate rises to 7.9 percent	21:06 Bradenton Herald - Business
PACE Supports Propositions 30 And 38 -- California's Best Protection Against Deficits, Economic Weakness And Crime	21:05 PR Newswire (Press Release) - Multicultural
Economy at ‘standstill’	21:02 Boston Herald - National
Rubber mart expected to be bearish	20:50 Business Times
In Massachusetts, GOP's Brown Plays a Different Tune	20:38 The Wall Street Journal - Politics & Campaign
FOREX: Ringgit Likely To Stay At 3.04-3.07 Level Against Dollar Next Week	20:08 Bernama - Malaysian National News Agency - Markets
Jobs report shows economy is improving	20:04 Minneapolis Star Tribune - Business
Another 50-100bps rate-cut likely as inflation dips to 7.6pc	19:53 Pakistan Observer - Business
Gold prices down 350 baht	19:48 Bangkok Post - News
Aureus Mining: Feasibility confirms New Liberty gold project as ‘economically viable and robust’	19:45 Proactiveinvestors - China
Kilkenomists: Put white-collar criminals behind bars and exit the failing euro	19:42 Irish Examiner

>Gold Drops to 9-week Lows

by Peter A. Grant

Nov 02, AM
(from USAGOLD.com) --

Gold came under heavy selling pressure following this morning's better than expected nonfarm payrolls report for October. While +171k is not a particularly good number, it's good relative to recent numbers. Perhaps more importantly, the jobless rate ticked higher, largely because there was a rise in the labor force of 578k. This may mean that some degree of optimism is encouraging those previously detached from the labor market to once again seek employment.

The financial press is widely touting the dollar's rebound as the reason for gold's decline today, but as we've discussed in great detail in recent weeks, there's nothing earth shattering about these levels in the dollar index. In fact, the DX is trading just barely above the midpoint of the range that has dominated for the past five years:

See my DMR from last week here.

See Jonathan's October newsletter submission here.

Nonetheless, given the Fed's recent emphasis on job growth, I think today's headline payrolls print was just enough to sap expectations that the central bank will be imminently heaping additional accommodations on top of their already über-easy policy. Certainly, they won't be scaling back on ongoing measures any time soon, they were quite adamant about that in the recent FOMC statements, but there was a pretty strong consensus that the Fed would restart outright Treasury purchases before year-end. Is that off the table because of a +171k payrolls print? That remains to be seen...

The market was pretty long in October, as evidenced by commitment of traders (COT) in the futures market. We've seen the number of long positions reduced in recent weeks and today's action may be associated with further position squaring ahead of next week's elections. With the Presidential election pretty much a toss-up, some investors may be moving to the sidelines until the tightly contested race is settled.

However, who sits in the Oval Office for the next four years is of little consequence to the underlying fundamentals of the gold market. Tune out all the noise provided by the insesent polls and speculation about who might or might not be at the helm of the Fed moving forward. Focus instead on the realities of supply and demand. Focus on the realities of a sluggish economy and stubbornly high unemployment. Focus on anther debt ceiling debate and the impending fiscal cliff. Focus on the uncertainty provided by the eurozone debt crisis. None of this changes based on the outcome of the election...

Peter Grant is USAGOLD's resident economist and a well-known analyst globally in the forex and precious metals markets.

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Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

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>Gold Drops to 9-week Lows