Last Friday’s US September jobs report managed to stall the QE3-related rallies in various metals. When considering that the CFTC-reported net speculative long positions (increasing for a seventh consecutive week) should have added to rising price momentum(Sorry Jon, there were more than enough shorts exchanged for the long's purchases to nullify them) the stall appears to be somewhat worrisome(why would it seem worrisome? We're in a bull market and resting periods are HEALTHY). In the case of gold, the jobs statistics(?cooked books?) apparently brought about a technically-based bearish reversal(?) and have reinforced the perception(whose perception, Jon?) that, for the time being, the $1,800 level does indeed present a fairly formidable(give us a break, Jon - it may take some more turns at bettering that level but certainly not "fairly formidable") resistance point.

In the case of silver, a similar topping price pattern has developed as the overcoming of the $35.50 resistance area was not achieved. Market observer Clive Maund (periodically contributing in Kitco commentaries) warned that (based on the sizeable short position among commercials and the aformentioned topping pattern “a bloodbath is believed(when not sure what you're talking about always use "believe) to be imminent in the silver market, now that its cheerleaders have herded their flocks into the corral, ready to be fleeced again(Is this guy on Morgan's payroll?).”