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Always do your own due diligence. We seek safe harbor.
Just another head-fake to suck in all the perma-bulls………. again. Lather. Shave. Rinse. Repeat. Gold goes to $35.
Gold didn’t swoon because the “blowout jobs report” was totally bogus and filled to the brim with “seasonal adjustments”, the phony “birth & death” modeling, the adding in of part-time jobs and discounting those who fell out of unemployment to become the permanently unemployed, the hiding of the off-shored manufacturing and now trying to double-count a product to boost GDP (if it is produced in China but by an American company – you can count it twice)…nice try. The official U-3 the rate does not count discouraged workers who, unable to find a job, cease looking. To be counted among the U.3 unemployed, the person must have actively looked for work during the four weeks prior to the survey. The U.3 rate automatically declines as people who have been unable to find jobs cease trying to find one and thereby cease to be counted as unemployed. There is a second official measure of unemployment that includes people who have been discouraged for less than one year. That rate, known as U.6, is seldom reported and is double the official bogus 6.1% rate. Since 1994 there has been no official measure that includes discouraged people who have not looked for a job for more than a year. Including all discouraged workers with the bogus U-3 and the hardly mentioned U-6 rates, produces an unemployment rate that currently stands at 23.1%, almost four times the rate that the financial press reports.
If the Feds and the Central Banks and the London Fix(ers) didn’t monkey wrench paper gold almost every day (and sometimes twice a day) to drive the price down – one can barely guess what astronomical number gold would be trading at. $5000 an ounce? $10,000 an ounce?
Unlike during 2008, global financial leverage has increased 40% to $100 trillion. This record leverage is manageable only because interest rates are held artificially low. Raise rates and kaboom…