Check back later this morning for today’s Morning Musings.
1. The U.S. economy added 178,000 jobs in November and the unemployment rate fell to 4.6%, according to this morning’s latest jobs report from the Labor Department…the report was close to Wall Street expectations of 175,000, though economists had expected the unemployment rate to remain steady at 4.9%…wages put a damper on the gains with the annualized pace of average hourly earnings slumping to 2.5%…there was less anticipation around this morning’s U.S. jobs report than any other jobs report over the last few years, in large part due to the fact that the Fed is widely expected to hike rates for only the second time in a decade at its upcoming meeting December 13–14…Gold, up a few dollars an ounce as of 7:00 am Pacific, may not really turn the corner until that Fed meeting…
2. The Canadian labour market unexpectedly added 10,700 net jobs last month and the unemployment rate slid to 6.8%…however, the Stats Canada employment survey shows yet another monthly decline in the more desirable category of full-time work – a figure more than offset by a gain in part-time jobs…
3. Outflows from global Gold ETFs continue, although sales of Gold coins were strong last month, according to Commerzbank. “ETF outflows also continued yesterday for the 15th consecutive day of trading. At 18.1 tonnes, the highest daily outflow since July 2013 was even recorded, which for the most part was attributable to the SPDR Gold Trust in the U.S. It may be that ETF investors – the majority of whom are institutional investors – are selling Gold in a bid to cushion their losses on the bond market. In November, U.S. bond investors suffered their highest monthly loss since 1990.”
4. Despite the surge in Crude Oil prices since Wednesday, the TSX is still slightly lower for the week but up slightly through the first 30 minutes of trading today…the Venture has had a positive week and is 5 points higher at 744 as of 7:00 am Pacific…
5. WTI prices eased off overnight to about $50 a barrel before turning higher again…as of 7:00 am Pacific, Crude is flat for the day at $51…Nickel is the leader among the metals this morning with a gain of 7 cents to $5.11…
6. Canadian Zeolite (CNZ, TSX-V), after announcing important approvals yesterday for its natural Zeolite as an animal feed additive, has hit a new high of $1.17 as of 7:00 am Pacific…we’ll have an updated CNZ chart in today’s Morning Musings…
7. Probe Metals (PRB, TSX-V) has made some interesting strategic moves in the Val d’Or area this week, including staking and a deal with another company to double the size of its Val d’Or East Project where a 10,000-m drill program started in August with no results released yet…PRB is up 4 pennies at $1.05 as of 7:00 am Pacific…
