Gold Jumps To $1,345 Per Ounce As U.S. Only Created 75K Jobs In May – Weekly Gain Now 3%

Gold Is 3% Higher This Week As Dollar, U.S. and Global Economy Weaken

GoldCore.com


Gold prices jumped to $1,345 per ounce soon after the U.S. non farm payrolls showed that the U.S. created a meager 75,000 jobs in May, taking it’s weekly gain to 3%.

Gold prices consolidated on this week’s 2.2% rise by today and if the gains are sustained, gold is headed for it’s best week this year.

Gold has gained in dollars this week and also rose in other currencies (see LBMA prices below) due to concerns about the slowing U.S., UK, EU and Chinese economies and indeed the global economy.

Today’s U.S. non-farm payrolls confirms that the U.S. economy is weakening. There may the usual price volatility and manipulation after the number but investors should fade that noise and focus on gold’s increasingly evident, positive, long term fundamentals.

The U.S. and other debt saturated economies were already vulnerable towards the end of this economic cycle. The very real trade war risk is impacting already fragile consumer and business confidence. It is only a matter of time before this takes its toll on still frothy risk assets.

Expectations of a much more dovish Fed and the escalation in global trade conflicts should see gold continue to outperform as it remains very undervalued compared to U.S. stocks and other assets.

Spot gold was flat at $1,333.90 per ounce and it’s 2.2% gain so far this week and is set to be its best weekly percentage gain since late-March. Gold has risen by $60 an ounce after Washington’s threat of tariffs on Mexico, while recent very poor economic data has increased the likelihood of interest rate cuts in the U.S. and in other major economies.

Trump’s threat to hit China with tariffs on at least $300 billion in Chinese goods after a meeting of leaders of the world’s largest economies at the G20 later this month will keep markets on tenterhooks and should see gold eke out more gains in the coming months.


LBMA Gold Prices (USD, GBP & EUR – AM/ PM Fix)
06-Jun-19 1336.65 1335.50, 1053.15 1051.17 & 1189.62 1185.92
05-Jun-19 1337.75 1335.05, 1052.01 1049.22 & 1185.38 1184.99
04-Jun-19  1323.60 1324.25, 1045.51 1043.77 & 1177.47 1177.26
03-Jun-19  1313.95 1317.10, 1039.47 1042.35 & 1175.99 1175.38
30-May-19 1276.45 1280.95, 1010.44 1015.92 & 1146.25 1151.70
29-May-19 1283.50 1281.65, 1016.02 1013.27 & 1151.04 1150.67
28-May-19 1283.90 1278.30, 1012.87 1008.20 & 1146.91 1142.29
27-May-19 UK Holiday


Own Gold & Silver Coins (CGT Free in the UK) Stored In Zurich With Six Months Free Storage


News and Commentary

Gold Extends Gains to a 7th Session, the Longest Winning Streak in Over a Year

Gold Climbs Towards 2019 Highs on Expectation of Fed Rate Cut

NY Fed President John Williams Rails Against Low Inflation and Calls for Central Bank Action

Trump to Decide on $300 Billion China Tariffs After G20 Meeting

Dollar Dump? Russia & China Agree to Bilateral Trade in National Currencies During Putin-Xi Meeting


Watch video here

Ambrose Evans-Pritchard: Deflation Alert in Europe as Markets Lose Faith in ‘powerless’ ECB

Deflation Alert in Europe as Markets Lose Faith in ‘powerless’ ECB

Investors Signal Draghi Is Running Out of Time and Ammunition

‘In Gold We Trust’: Waning Confidence in US Sends World’s Central Banks on Buying Spree

Gold Miner May Fly Thousands of Ounces of Gold From Mexico to Canada to Avoid Trump’s Tariffs

Quant-tastrophe Looms: Factor Vol Soars Above August 2007 Disaster

Rabobank: “We’ve Lost Track How Many Times Central Bankers And Key Economists Spread Blatantly Fake News”

Mark O'Byrne

Also on news-goldcore-com

Videos

Tavi Costa- The Fed is Trapped

Silver Market Predictions – Ed Steer Talks about the Silver & Gold Price

Are We In A Financial Bubble? Peter Grandich Interview

Blog posts

Lawrence Lepard – Living in a World with Inflation

Lawrence Lepard Portfolio Manager and advocate of sound money, is our guest on this episode of GoldCore TV. With 40% of money in the US being created in the last 2 years, we ask Lawrence if the Fed is trapped. If so will this mean that it is going to be very difficult for them […]

READ MORE

Supply Chain Crisis Effects on Gold & Silver

The broken chain – could the supply crunch be worse than the oil crunch of the 1970s Anyone that has bought a new or used car in the last year has faced higher prices and long wait times for delivery. This is all because of the very small but essential semiconductor, which is in short […]

READ MORE

This is a Long Term Bullish Pattern for Gold – Gareth Soloway on GoldCore TV

“This is a long term bullish pattern for gold!” – Gareth Soloway Gold In this latest episode of GoldCore TV, Gareth Soloway joins Dave Russell to discuss what what the charts are suggesting for the stock markets, bond markets and #bitcoin. In addition to this he also takes a look at his gold price forecast 2021 and beyond.Gareth identifies the key levels that […]

READ MORE

Featured

Gold, the Tried-and-True Inflation Hedge for What’s Coming!

READ MORE

How High is Too High for Rising Government Bond Yields?

READ MORE

Silver – 7 Reasons it is Still Set to Soar

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Tavi Costa- The Fed is Trapped

Silver Market Predictions – Ed Steer Talks about the Silver & Gold Price

Are We In A Financial Bubble? Peter Grandich Interview

Blog posts

Lawrence Lepard – Living in a World with Inflation

Lawrence Lepard Portfolio Manager and advocate of sound money, is our guest on this episode of GoldCore TV. With 40% of money in the US being created in the last 2 years, we ask Lawrence if the Fed is trapped. If so will this mean that it is going to be very difficult for them […]

READ MORE

Supply Chain Crisis Effects on Gold & Silver

The broken chain – could the supply crunch be worse than the oil crunch of the 1970s Anyone that has bought a new or used car in the last year has faced higher prices and long wait times for delivery. This is all because of the very small but essential semiconductor, which is in short […]

READ MORE

This is a Long Term Bullish Pattern for Gold – Gareth Soloway on GoldCore TV

“This is a long term bullish pattern for gold!” – Gareth Soloway Gold In this latest episode of GoldCore TV, Gareth Soloway joins Dave Russell to discuss what what the charts are suggesting for the stock markets, bond markets and #bitcoin. In addition to this he also takes a look at his gold price forecast 2021 and beyond.Gareth identifies the key levels that […]

READ MORE

Featured

Gold, the Tried-and-True Inflation Hedge for What’s Coming!

READ MORE

How High is Too High for Rising Government Bond Yields?

READ MORE

Silver – 7 Reasons it is Still Set to Soar

READ MORE