New analysis using ADP and early-benchmark data suggests US private payroll growth may be weaker than consensus, with implied nonfarm employment near a peak and broader employment gains concentrated in larger firms, signaling a soft labor market.

The volatile week in the gold and silver markets has continued on Thursday, with the gold price moving around quite a bit, but roughly flat on the day, while silver is another $2 lower at the moment.

It's been quite the first full working week of 2026, starting with the remarkable narrative unfolding out of Venezuela, and was always going to culminate with the US payrolls report that has been laced with as many questions as answers.

Tech stocks led the way lower today, with the S&P 500 maintaining an anchor to stocks' recent gains. Gold bounced. Silver gave some back.VIX continues to creep up slowly.

We discuss why markets may be entering a period of reckoning, as debt, geopolitics, and hard math collide.

As expected, the VIX 1-day rose to around 14, although that was somewhat lower than anticipated, given that it has typically moved into the mid-to-high teens in similar situations.