Well, a weak employment report will not do much for inflationists who believe strong jobs = rising wages = cost push inflation = smart money buys gold.
What it will do is further the case of economic weakness, which was a primary fundamental behind the gold sector’s rise to begin with. The inflation hysterics came later, in February when silver took over leadership from gold and opened the barn door letting commodities and relief-seeking stock markets take a turn in the sunshine.
Now it appears, we are back on theme. Unsurprisingly, the economy’s relative strong points are where it is servicing itself with professional and health services and then when all that exhausting servicing is done with leisure and hospitality services.
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