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KITCO: Gold price sharply down following strong U.S. jobs data

Posted By: NaturalWisdom
Date: Friday, 3-Feb-2023 14:36:12
www.rumormill.news/216583

In Response To: Gold Market Isn’t Buying Fed Reserve Chairman Powell’s “Disinflation” Declaration (NightSky)

(Heh) What kind of JOBS are we talking about here? Minimum wage service industry jobs, or white collar positions in high tech (which has been laying off staff by the tens of thousands)?

Who believes the horse manure claim that "strong" U.S. jobs data triggered a collapse in precious metals prices? Today is known as take back Friday in the trading community, and today's selloff was a way for the banksters to recoup some of the losses that they sustained when gold and silver rose sharply earlier in the week.

NOTE: Gold prices have tumbled even further than what is stated in this report (way below $1900/oz) the last time I checked prices on Kitco.
-NW

Gold price sharply down following strong U.S. jobs data
Jim Wyckoff
Kitco News
February 3, 2023

[sbip]

(Kitco News) - Gold and silver prices are solidly lower in early U.S. trading Friday, following a surprisingly strong U.S. jobs report. Gold notched a three-week low. April gold was last down $30.10 at $1,900.50 and March silver was down $0.59 at $23.03.

This morning’s January U.S. employment situation report from the Labor Department showed a sharp rise in non-farm payrolls of 517,000. The key number was expected to be up only 187,000 jobs, following a rise of 223,000 in the December report.

The U.S. unemployment rate fell to 3.4%, compared to expectations for a rate of 3.6% and the December reading of 3.5%. Today’s strong jobs report appears to throw cold water on notions the Federal Reserve will back off on raising interest rates sooner rather than later, as was suggested by the results of this week’s FOMC meeting and Fed Chairman Powell’s press conference.

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