When U.S. nonfarm payrolls data was released indicating that the economy had unexpectedly shed 23,000 jobs, yet analysts had expected jobs to increase, gold immediately rallied to nearly $4,400. We discuss why the jobs data had such an effect on the price of precious metals and what investors need to keep in mind going forward.
Remember, the broader picture for gold remains the same: central banks are still buying about 1,000 tons of bullion annually, spiraling sovereign debt is watering down confidence in fiat currencies, de-dollarization is accelerating around the world, and inflation has persisted and could rise even more as a stalemate in the war with Iran keeps oil prices high and threatens to erode purchasing power even more. The picture is bullish, but news items can shift sentiment and influence prices temporarily. Watch this space closely in the way that entities like New Pacific Metals Corp. (NYSE American: NEWP) (TSX: NUAG) are…
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