Gold price set for biggest weekly jump in 20 months on haven demand
The precious metal has surged around 30% so far this year, supported by healthy central bank buying.
After a decidedly rosy jobs report, precious metals took the news on the chin with spot gold dropping below $1,200.
The Bureau of Labor Statistics said nonfarm payroll employment increased by 248,000 in September, and the unemployment rate declined to 5.9%.
Spot gold traded down to $1,193 per ounce. The five-year trendline shows how much gold has fallen.
Chart courtesy of Kitco.
Silver was at $16.88 per ounce.
Chart courtesy of Kitco.
Oil dropped below $90 a barrel before recovering. The US dollar surged to $1.1256 against the Canadian dollar.
Comments
Bob
Isn’t it amazing how precious metals always “take it on the chin” every time doctored statistics are announced with fanfare headlines, but there is no subsequent rebound when the doctored statistics are revised downward a few days later after the headline hoopla has passed.
Isn’t it amazing how the mere hint of increased interest rates creates another “take it on the chin moment” but the reality that the Federal debt is is impossible to service at zero interest let alone any raised interest rate, doesn’t seem to dawn on anybody.
Isn’t it amazing how the “hints” work. Gold “takes it on the chin” with the” hint” of what MIGHT or DIDN’T happen, but the “hint” of war in the Crimea, Ukraine, Gaza, Israel, Syria, Iraq, Afghanistan, ISIS, et al doesn’t seem to matter at all.
Apparently neither does supply and demand. The current boobs in charge are going to ride gold right into the dirt, declare a force majeure, and default. The reset cannot occur until true price discovery dictates price. The afore mentioned boobs in charge aren’t gonna suddenly “get religion” and all of a sudden become honest.
They are gonna manufacture a GD war (probably with Russia) to create a scapegoat for the coming financial crash so they don’t have to take responsibility for their crimes.
The markets are hopelessly rigged. Investors should GET OUT and buy physical.
The miners should STRIKE and withhold metal from the market. Let the SOB’s run out of metal completely, and then we’ll see how much it goes for.
The US middle class was already gutted once back in 2008+9. The 1% aren’t satisfied with that, they want it all. Those loathsome miserable stinking turds are gonna find out there is no enemy more dangerous than one with nothing left to lose. That’s the 99%. We are ARMED and we are PISSED OFF.
The politicians, regulatory agencies, and the press are equally complicit. Amazing how not ONE mainstream voice has questioned or exposed the obvious fraud.
That kind of fraud is a capital offense in some places. Iran executed the perpetrator of a 2.6 billion fraud. China, and Vietnam also executed misbehaving bankers, and Iceland threw the bastards in jail.
That kind of thing could catch on. The world should hold public trials similar to the Nuremberg trials after WWII. Our crooks and enablers should consider themselves LUCKY if all they get jail time.