Today, the US Jobs Report claims that 216,000 non farm jobs were added to the economy. This made Wall Streets heart skip a beat with love and higher profits on stocks. I’m positive everyone from Bernanke to President Obama are patting themselves on the back for the stellar numbers. Unemployment is down to 8.8%.
In all the hype, and it is mostly hype because the unemployment numbers are skewed in favor of lower numbers. The real employment figure is, how many working age adults are actually employed. That number stands at approximately 68% indicating that 32% of working age adults do not work. While it is encouraging for the 216,000 who gained employment is barely dents the surface of real unemployment.
Gold & silver retracted a bit today on this good news, yet the great news – the underlying pressures and demand for gold & silver remains. As the economy recovers, in the US & globally, the emerging middle classes of China & India will continue to acquire precious metals in record amounts. Industrial demand will continue to outstrip mining in silver. Gold will continue to be purchased by Central Banks as leverage against other holdings. Long term, today’s shimmy will be another opportunity to acquire gold & silver in your tangible asset portfolio. Read more – Bloomberg: Gold Futures Fall on Concern Monetary Policy Will Curb Demand