Goldman Sachs lowered its estimate for tomorrow’s key job report following this morning’s ISM data.
In a note to clients, chief U.S. economist Jan Hatzius reduced the firm’s August non-farm payroll estimate to 25,000 from 50,000.
The Goldman economist explained that “The main reason is the accumulation of evidence of weak hiring in late July and August: a sharp deterioration in perceptions of job availability in the latest Conference Board survey, a drop in today’s ISM manufacturing employment index, another drop in job advertising, and a soft ADP report. Layoffs seem to have remained low, given steady jobless claims in the 410,000 range, although even here the recent pickup in layoff announcements is a concern.”
Heading into today, the consensus estimate among economists for the jobs report was 75,000 non-farm payrolls added. If the data comes in below consensus – as Goldman now believes – the price of gold is likely to benefit.
West Kirkland-Newmont JV Yields Positive Results
The TUG property is contiguous with 900 square kilometers (220,000 acres) of mineral rights in the Long Canyon Trend that the Company has optioned through a recent transaction with Rubicon Minerals (RBY). The combined Newmont and Rubicon option agreements give West Kirkland a dominant land position within the Long Canyon Trend and will be the focus of the Company's exploration efforts in Nevada. Full West Kirkland Mining Press Release.
*It confirms that the hinge of the gentle fold in the known gold-silver mineralization is prospective for high grades and good thickness near surface.
*WT11-002 is located at the northern end of the TUG deposit, approximately 75m, beyond any historic drilling and approximately 735m to the northwest of the Company's previously announced hole WT11-001 which cut 15.48m of 3.08 g/t gold and 94.75 g/t silver.