Gold Hits 3-Week Low on Jobs Report
Posted by Brian Ford on February 06, 2015
The gold spot price fell by more than $20 per ounce Friday morning after the U.S. Department of Labor reported that non-farm payrolls were up 257,000 instead of the previously predicted 237,000. Comments by the CEO of renowned research group Gallup could negate some losses, however, with the head of the polling firm, Richard Clifton, calling U.S. unemployment statistics “one big lie.” As of 11am EST gold’s spot price $29.10 to $1,261.50 per ounce.
Other factors causing gold price fluctuation today include:
● The China Gold Association has reported that production of the yellow metal in China rose 5.5% last year, while consumption fell 25%.
● The presidents of Germany and France plan to meet with Russian President Vladimir Putin in an attempt to resolve the Ukraine situation.
● The U.S. consumer installment credit report, due to be released later today, is now expected to provide more optimistic news than previously thought.
Many media outlets are reporting today on comments by Clifton, who said the tricks the government uses to come up with its unemployment statistics are no secret. The Labor Department does not include Americans who have quit looking for work after four weeks, and Clifton called reports of a 5.6% unemployment rate “cheerleading” by the White House and Wall Street, who have a vested interest in looking good to voters and keep investors in stock markets.
The Certified Gold Exchange would love to hear how you feel about the government’s claims of a 5.6% unemployment rate. Do you buy it? Why or why not? Let us know in the comments section and if you believe in investing in gold and silver to protect yourself from a bubble economy then call us today at (800) 300-0715 and discover why the Certified Gold Exchange has been “America’s Trusted Source For Gold” for over 20 years.
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