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The June employment report was released this morning and showed a continued labor market slowdown. About 200,000 jobs were created in line with expectations though continuing a downward trend. The unemployment rate edged up to 4.1% which was the highest reading since October 2021. One less talking point for Joe Biden as he has been saying the unemployment rate has been below 4%.
Gold and silver reacted positively to the news continuing their upward march. We wrote last week about silver being above its 50-day moving average and has continued its upward momentum. Gold was hovering just below its 50-day moving average and we wrote that it would most likely go above its 50-day moving average which it has done this week. More upward momentum. Bitcoin has shed billions in market value due to the Mt. Gox bankruptcy and is trading around $55,000 well below its not too distant high of over $70,000. A highly volatile asset class! Keep a watch on crude oil. It has increased over the last few weeks and is now over $84 per barrel. Regardless of electric cars and solar panels we are a fossil fuel driven economy and as the price of crude oil increases the economy usually slows down.
The smart money continues to buy gold and silver. I am staying with my mantra of buy on the dip!
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