Silver and gold both took off overnight both before we found out that the PBOC bought another 18 tonnes of gold in July and before we learned that according to the Labor Department, 23K nonfarm payrolls were lost in July in the US.

As for the reaction to that jobs data, the S&Ps popped a little. Yields and the dollar slumped. Gold popped about $60, while silver popped about 2 bucks after already being up over 4 percent.

The S&Ps opened up about half a percent and basically chopped sideways all day to go out pretty much where they had opened with a gain of half a percent.

The dollar was weaker, with the DXY falling a third of a percent, although it did finish off its worst levels. Yields fell, but they also firmed from their worst levels.

Commodities were mixed. Crude slipped another 2 percent, as did copper. Platinum, however, rose a percent.

Gold rallied overnight to over $4300 and then popped to as high as $4370 in the wake of the weak jobs number. After backing off to as low as $4325, the metal firmed into the close to go out back up around $4340 for a gain of over 2 percent.

Silver rose to over $64 overnight and then popped to over $65 before settling back at $63.5 for the close for a gain of 3 percent.

The GDX gapped up huge and attacked the June 17th high before backing off a little to end in the middle of the day's tight range with a gain of over 7 percent.

Today's weak jobs number sent the odds of a September hike tumbling and next week's CPI could do the same.

What was interesting was that the metals obviously ran this week well in advance of this data as if the data itself didn't really matter to the rally. It simply began because the market was sold out.

We've seen a huge move at this point in gold and an even bigger one in the GDX, with silver bringing up the rear. All three are quickly moving to a short-term overbought condition, which makes some sort of pullback to the 5 dma increasingly likely as we move into next week.

My gold model remained at neutral.

Positions: Short SPY, QQQ, MDY, and IWM. Long DBA, IBIT, STRC.

Metals: I sold my GDXU and AGQ simply because they've had huge moves, and I will be looking to buy them back on a pullback. I sold my SLV 58 calls for 21 cents, and I bought SLV 60 calls for Monday for 10 cents.