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Jobs Friday -- What Does It Mean?

Commentaries & Views

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Today is jobs Friday; in other words, it’s a day where we get more meaningless information from the government about jobs. The labor market has not improved; in fact, there are less full-time jobs today than in January. We are creating low-paying service jobs, which will not fix the broken-down economy.  

Gold’s bear market is over and looks to be strong; however, it made a short-term double top on Thursday. The key levels are $1,330/$1,340 resistance and $1,310/$1,300 support. If gold breaks above $1,340, a quick run to $1,370 is in order. Silver looks good as well and faces $17.70 resistance on its way over $18.

Gold and silver both look great and should continue the rallies they have begun since the “fat finger” trades in July. No matter what the jobs report comes out as, it’s weak, and the metals will rally off the numbers or after they have been deciphered in the next few days. The play is to sell equities and buy metals

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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