Will gold & silver come out on top, or will the…
(by Half Dollar) The Bureau of Labor Statistics releases the Jobs Report for July, 2022, on Friday at 08:30a.m. EST.
In my opinion, formed by my unscientific field research conducted in the month of July, there seems to be plenty of people working all over the place, notwithstanding the fact that you can never find an employee when you actually need one, especially when it comes to customer “service” employees.
The problem on Main Street currently, however, is not the number of people employed or the number of people gaining employment, but rather, the fact that at the end of the day, nobody has any money leftover to support all of those jobs.
Like, remember when the US Federal government paid people not to work?
Yeah, well, I’m not exactly sure how that’s going to work out in the private sector.
That is to say, if the math doesn’t add up, then huge job losses are coming, despite what the jobs reports indicate.
And since the US is now unofficially in recession, or officially not in recession, or something, suffice it to say that this will be the most important jobs report, ever, again.
Of course, “market” “participants” are hoping for a horrible jobs report so that the Fed can “pivot” sooner rather than later.
Bring on the crappy economy!
Silly market participants, the Fed and the Feds aren’t thinking of you that way.
Regardless, after coming off of a “strong” week and what many people are calling “the bottom”, gold and silver will have their work cut out for them this week:
It should be noted that gold has not put in 52-week lows.
It should also be noted that overall, sentiment seems cautiously on-balance.
It should be further noted that everybody knows ‘Ol Half Dollar’s call.
Starve the Beast…