Richard's Thoughts on Keeping an Open Mind & Words From the Greats
Almost nothing mattered today other than the shockingly weak jobs report in the US. Only 38,000 new jobs were created last month, about a fourth of what was expected. Downward revisions to April's report added to the sense of a much weaker employment picture than had been generally thought.
The dollar lost 2% vs. the euro and 1.6% against a basket of major currencies as a result. Similarly hit were interest rates, as Treasury yields fell to 2-month lows. A rate hike by the Fed this month, all but a done deal last week, is now seen as unlikely. Ah, the fickle winds of interest rates!
The precious metals, hit hard the last few weeks, rejoiced at the lower dollar and soared. Approaching the close, gold is up a monstrous $30 with silver, platinum, and palladium all up very healthy amounts as well. The ever-volatile mining shares beat them all, however, ... Log in or subscribe to continue reading.
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