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Listening to Fed Pays Off for Gold Bulls Amid Jobs Market Miss

Monday, May 10, 2021

Gold last traded at $1,837 an ounce. Silver at $27.35 an ounce.

NEWS SUMMARY: Precious metals extended gains Monday on greenback erosion and bullish sentiment. U.S. stocks traded mixed with the Dow rising on energy stocks and the Nasdaq falling on tech pressures.

FX EMPIRE--"Gold futures soared on Friday after a government labor market report came in well-below expectations. This means the Fed is right in saying the economy is still too weak to begin tightening policy. This thought is greenlighting the huge intraday rally in gold.

Treasury yields plunged on the news, pressuring the U.S. Dollar, which drove up foreign demand for dollar-denominated gold.

U.S. employers hired far fewer workers than expected in April, likely frustrated by labor shortages, leaving them scrambling to meet booming demand as the economy reopens amid rapidly improving public health and massive financial help from the government, Reuter wrote.

Nonfarm payrolls increased by only 266,000 jobs last month after rising by 770,000 in March, the Labor Department said in its closely watched employment report on Friday. Economists polled by Reuters had forecast payrolls advancing by 978,000 jobs.

The unemployment rate rose to 6.1% in April from 6.0% in March. The jobless rate has been understated by people misclassifying themselves as being 'employed but absent from work.' Millions of Americans remain out of work and many have permanently lost jobs because of the pandemic....

It looks like the bond traders got this one wrong so congratulations to the gold bulls who stuck with their convictions about the strength of the economy. Today's jobs data miss probably bought them more time to do some serious damage to the upside."

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