The Jobs Report came in smoking hot this morning.

I no longer track the numbers closely in spreadsheets, but I would strongly suspect that the number this morning was the child of a misapplication of seasonality that will be corrected away sometime in the future.

But it is timely and will make a great talking point for Biden's State of the Union address.

So the outsized Jobs print signaled a hawkish Fed, higher rates for longer, and therefore a stronger US Dollar.

And with that stronger Dollar came a brutal takedown of gold and silver.

When the times comes it never seems like you are short enough, or hedged enough.

But it was nice to see the markets adhering to the same fictionalized story at least, and not wildly divergent like yesterday.

Gold has nearly completed the kind of backtest of support one might be looking for in a 'W' double bottom. If it holds, it calls to $2100.

Let's see how it goes next week. 

Have a pleasant weekend.

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