September 1, 2016 -- Stocks fell yesterday for the second day in a row, and, based on the S&P 500 index, ended the month of August with a small loss. The gold price also dropped $4.70 per ounce and silver gained a few cents.

Much of the action was in crude oil markets. Prices there were hammered based on an announcement from the U.S. Energy Information Administration regarding previous estimates for demand being SIGNIFICANTLY overstated. The agency’s estimate for gasoline consumption in the first half dropped by a massive 16% following the correction.

The EIA isn’t the only federal agency having problems with math. In June, the Bureau of Economic Analysis admitted to errors which led to significantly overstating GDP. Much lower demand for energy and lower estimates for GDP growth call into question the narrative that we’re in an economic recovery..

Metals investors are eagerly awaiting Friday’s key employment report as the next big clue on the direction of interest rates. A strong jobs report could increase the odds of a hike and hurt precious metals prices. A weaker-than-expected report is likely to have the opposite effect.

Live prices at MoneyMetals.com show gold currently trading at $1,304.15 per ounce on the global market, and silver is coming in at $18.69.