Gold Up Set For Next Leg Up After Bad Employment Numbers Hit US Stock Market

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On Friday, the monthly US employment numbers came out and the figures for the past few months were all revised lower, showing that the US job market is basically stagnating. It turns out that the US economy is much weaker than previously known. It’s not shrinking, it’s not in a recession, even though inflation is still swamping many, it best can be described as stagnate. The real estate market is being flooded with new listings, but people are not buying and prices are not going down either.

This job news, though, brought selling in the stock market, increased the odds for a September cut in the Fed Funds futures market to 80%, and caused a 1% drop in the dollar, which helped spur an over 1% daily gain in the price of gold.