Gold Daily and Silver Weekly Charts – No My Jobs, Man


Source: Jesse’s Café Américain

“I don’t know if the people on Wall Street are not really getting out and seeing what’s really going on.

When you go to small towns, like I do, and talk to people – people don’t have much confidence in the numbers you hear.”

Ronnie Squires, Winner of CNBC’s Guess the Jobs Number Contest

The Non-Farm Payrolls number sucked out loud with a fairly stupendous miss. If you back out the imaginary jobs from the Birth Death report, the economy added about 40,000 real jobs, of a generally low quality. Chief Strategists and economists took delight in the tenth of a percent decrease in unemployment, a generally misleading statistic. And of course, stocks rallied.

Given the need for the central banks to keep printing money, and the ECB’s endorsement of that approach, the hit on the metals this week makes quite a bit of sense…

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