Quick update: July’s unemployment data was just released at 8:30 a.m. EST. Nonfarm payrolls rose 255,000 vs. expectations of 185,000. As a result of the strong data, the U.S. dollar immediately rallied strongly and the euro started to collapse.
Gold and silver also sold off sharply with gold now trading at $1,348 (8:38 a.m. EST), breaking some short-term support levels. Silver is now down more than $0.47.
It’s early in the day, but today’s unemployment data may go a long way towards keeping the AI forecast for the metals for a downtrend into October on track.
The U.S. Treasury market is also getting hit, with the 30-year bond down almost a full point, good news for your shares in TMV.
I’ll assess the markets after the close and give you a detailed update Monday morning.
Stay tuned and best wishes …
Larry
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