The unemployment numbers had a surprising jump of 25,000 to put the unemploymemt figures back up to 429,000 seasonally adjusted. (Does anyone KNOW what seasonally adjusted is or if it is just another way to dummy the numbers?) Anytime the unemployment figures are lower than 400,000 it is a sign on steady job growth
The rise in unemployment, added to the ambiquity of Bernanke's speech yesterday and his meanderings about keeping the interest rates low, and still not being concerned with inflation, (???) all gathered to create a Perfect Storm in which the US Dollar is taking another beating in the currrency markets today. Broadly, the dollar is at a 3 year low and economists are blaming the Fed's QE2, and though the dollar is down, the market is up a little over 41.66.
Gold, on the other hand, has been fueled by the unemployment numbers and Bernanke's lack of economics 101 and so far is trading $17.60 higher at $1534.70. Silver, also, has already posted a gain of $3.167 at a price of $49.123 and is knock knock knocking on the door at $50.00/ounce.
The very best plays still in this market for those willing to take some risk are going long the precious metals, either by purchasing the metals outright (many recommendations) or purchasing ETFs or long call options for the less risk inclined investor who knows that the downside on the call option is the amount of the purchase.
Many investors will be going home long the metals this weekend and hoping for some news that will keep the markets shining up their profits.
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