Silver Soars As The Dollar Dumps Most In A Year; Stocks Surrender Payrolls Gains

Zero Hedge ^ | 10-6-2014 | Tyler Durden

[blam]

Tyler Durden
10/06/2014

Following Friday's post-payrolls exuberance, the US Dollar crashed by the most in over a year today and stocks retraced most of their gains with only European data (weak) to base any momentum ignition on. Today's stock weakness turning point coincided with the bankruptcy headlines of GTAT but the divergence to USDJPY and bonds set the scene for stocks' demise. Trannies were today's laggard (after leading Friday) along with small-caps as The Dow clung to 17,000 and S&P closed marginally red. EUR strength led USD weaker and the plunge accelerated into the US close (eradicating all payrolls gains). USD weakness sparked commodity strength as gold (up most in 3 months), copper, and oil all rose and silver surged 3% (most in 4 months). VIX rose 0.8 to 15.3 as stocks closed ugly (not "off the lows" for Trannies and Russell) with a flush in financials.

(snip)

[blam]

Dr Copper

[chajin]

Copper just broke its trend line, wonder if that will stick.

[blam]

Value Of Russian Ruble Crashing

[Cicero]

Yep. Good day for gold and silver, and spot gold has gotten back over 1200. But the drop last Friday was worse than the rise today. So, we’ll see what’s next.

[rickomatic]

Soared? Silver was sitting in the 19’s for a better part of the last year. I hardly call silver from low to mid 17’s in the last couple weeks “soaring”.

[Cicero]

I didn’t say “soared.” And I didn’t say anything about the longer term. All I said was that there was indeed a nice rise today. But the drop in the PM stocks and spot prices last Friday was bigger than today’s rise.

[Cicero]

Sorry, if you’re talking about the article headline, then I think it’s just talking about today’s action, which was the first decent daily rise in some time.

[therapsida]

Maybe they figured out what would happen...if the chins market......opens 500% higher than ours....

[Sam Gamgee]

1200 is critical. This is a major line in the sand. And that is just the minimum gold has to do. It has dozens of support levels to cross to prove to me that gold is back. There is definitely some disconnect here. Gold, oil, ect seem to be telling us the inflation fear is gone. But then what is priming the stock markets if not inflation. These companies are not any better than they were 10 years ago, and we are still in the midst of a great recession.

[Sam Gamgee]

The financial media has to be one of the laziest sectors of the media. For example, 200 points on the DOW is neither “soaring” or “crashing” whichever direction it goes. 200 is a blip. Why the financial media lacks this perspective I will never understand. We get talking points that have about zero basis in reality spewed by the same so called “experts”. The DOW is down because of tensions in Iran? (just one example) Bullshit. How could anyone possibly know that to be the case.

[montag813]

Short squeeze

[SZonian]

Maybe it’s time to finally sell all that scrap copper wire I strip out of old electric motors before junking them...

At this price, I might have enough to buy a good bottle of Jack Daniels to reward myself for all of that effort...

[stockpirate]

It is soaring from it’s recent lows.

[proxy_user]

These financial news sites, and stations like CNBC, have pages and broadcasting hours to fill. The Dow is up! Must be the improving US economy. The Dow is down! Trouble in the Middle East.

Now let’s see what Cramer says you should buy...

[re_nortex]

It's clear that hussein has devastated the American economy. As a shareholder, I've felt the diminished profits firsthand. The criminal element illegally squatting in the White House has crippled corporations with regulations and granted unprecedented power to unions.

Eradicate unions! Abolish the minimum wage! I want America back and I want my profits back!

[al baby]

Gold may be good for buying now

[Jet Jaguar]

Goldbug ping.

Thanks Blam.

[Rusty0604]

yes, thanks.

[wrench]

It is still down over 10% from 30 days ago