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London Gold Market Report from Adrian Ash, BullionVault Thurs 9 May, 07:50 EST
Gold “Still Bearish” as Western Buying “Cools”, But Indian Festival Demand Seen Matching ETF Outflows
SPOT GOLD PRICES slipped back below $1470 per ounce Thursday morning in London, drifting as world stock markets failed to follow Wall Street higher, where equities yesterday hit new all-time highs.
Silver held above $24.00 per ounce, just shy of last week’s finish, as commodities slipped overall. A rise in [...] We remain in the gravitational pull of the Great Recession. The Labor Department reports that 165,000 new jobs were created in April – below the average gains of 183,000 in the previous three months.
We can’t achieve escape velocity. Since mid-2010, the three-month rolling average of job gains hasn’t dipped below 100,000 but has exceeded 250,000 jobs just twice. This isn’t enough to ease the backlog of at least 3 million (estimates [...] Stocks Hit All-Time Highs: Dow Breaks Above 15000, S&P Surpasses 1600 http://www.cnbc.com/id/100704308 http://www.marketwatch.com/story/us-stock-rally-lifts-sp-500-above-1600-2013-05-03 Dow Touches 15000 on Jobs Data … The U.S. economy added 165,000 jobs last month, according to the Labor Department, topping the 148,000 median estimate of economists in a Dow Jones Newswires poll. Payroll figures for March and February were revised sharply higher from original readings. Meanwhile, nonmanufacturing growth slowed in April, with the The ISM’s nonmanufacturing purchasing managers’ index falling to 53.1 [...] Just Two ‘Recession’ Indicators “The other times we have seen such a collapse, the economy was either in recession or just coming out of one…” Retail Sales collapsing…
and absent the might of the US deficit, real personal income is also collapsing…
Charts: Bloomberg and Gluskin Sheff
STOCKS TANK AFTER BAD NEWS: A day after hitting an all-time high, stocks took a beating thanks to some ugly economic news. First the scoreboard: Dow: 14,700, -138.8 pts, -0.9% And The Market Is Tumbling Again…
Here’s The Argument That The Entire World Economy Is Starting To Go Bad Slowdown in the U.S., Europe, and China. Here’s a quick look at some key data emerging from around the world: The U.S. Housing, which has been a huge part of the economic recovery, is also showing signs of stalling. Building permits are down, homebuilder confidence is down, foreclosure starts are up, and capacity constraints among mortgage lenders are also [...]
Economist Jerry Bowyer: Stock Market Is Sending a Warning Signal The stock market is forecasting economic stagnation rather than boom times, according to Forbes columnist and economist Jerry Bowyer. Bowyer said a distressing flurry of recent economic statistics, including the Institute for Supply Management and jobs growth, undercut reasons to be bullish. “Furthermore, it’s hard for anyone who writes or speaks from any principled free-market perspective to square optimism with the current policy [...]
People Not In Labor Force Soar By 663,000 To 90 Million, Labor Force Participation Rate At 1979 Levels Things just keep getting worse for the American worker, and by implication US economy, where as we have shown many times before, it pays just as well to sit back and collect disability and various welfare and entitlement checks, than to work .The best manifestation of this: the number of people not in the [...] By Michael The jobs recovery is a complete and total myth. The percentage of the working age population in the United States that had a job in March 2013 was exactly the same as it was all the way back in March 2010. In addition, as you will see below, there are now more than 101 million working age Americans that do not have a job. But even though the employment [...] Just over 4 hours ago we discussed the stunning collapse in 10Y Japanese bond yields. Since then – things have taken a very dramatic turn for the worse for bonds. 10Y JGB yields have exploded higher. The move from 32bps to 65bps triggered circuit breakers on the Tokyo Stock Exchange in JGB Futures trading as JGB prices plunged by their largest amount since September 2002. We can only imagine there is liquidations galore [...] (CNSNews.com) – According to new data released by the federal Centers for Disease Control and Prevention, there were 19.7 million new venereal infections in the United States in 2008, bringing the total number of existing sexually transmitted infections (STIs) in the U.S. at that time to 110,197,000. The 19.7 million new STIs in 2008 vastly outpaced the new jobs and college graduates created in the United States that year or any other year [...] In the late 90′s is when the dot.com business started to boom. Apple and Microsoft were doing great and developing their main products. The economy was doing great at that time. Even though a dot.com bubble was inflated and eventually deflated, many internet businesses continue to thrive and grow beyond the correction. But today? In an era of the internet, computers and robotics, we have nothing that drives the market in terms [...] With Office of Management and Budget fact sheets in hand, President Obama warned of dire cutbacks and consequences should sequestration go into effect March 1. The cuts happened, White House tours have been halted, and the administration swears it’s not overreacting to the bare-bones budget directive. But in the days since the hammer of sequestration fell, the federal government is hiring anew. A search tonight of the USA Jobs federal employment website, filtered [...] testosteronepit.com CEOs of the largest American corporations, without aiming at it, shot barn-door-size holes through the rosy jobs picture. Rosy on the surface: unemployment down to 7.7% with 236,000 new jobs created last month. A picture the White House held up as proof of its success. But these CEOs didn’t see it. Not in the US. Though prospects were rosy in cheap countries. Last week it was Honeywell CEO David Cote who said that [...] Yes, it’s that time again, folks. Jobs Friday, when for one ever-so-brief moment the interests of Wall Street, Washington and Main Street are all aligned on one thing: Jobs. A fresh update on the U.S. employment situation for February hits the wires at 8:30 a.m. New York time, offering one of the most important snapshots on how the economy fared last month. Economists polled by Dow Jones Newswires expect 160,000 new jobs [...] Mac Slavo
Last month President Obama made it a point to outline the ever stronger state of our Union. “Our housing market is healing, our stock market is rebounding, and consumers, patients, and homeowners enjoy stronger protections than ever before,” said Obama of a US economy that, according to the President’s numbers, has added six million new jobs over the last decade. But as budget woes hit cities and states across America, and [...] UNEMPLOYMENT RATE BACK UP TO 7.9% The new year started off with an old story: Employment grew again in January but not at a pace able to lower the jobless rate. Nonfarm payrolls rose 157,000 for the first month of 2013 while the unemployment rate edged higher to 7.9 percent, news unlikely to alter the Federal Reserve’s monetary policy or instill confidence that the recovery is gaining steam. Economists were looking for 160,000 [...] from FT: America isn’t working. The grim reality of today’s US economy is that 24m people who want to work cannot get a job. That is an astounding number. That is a level of long-term unemployment that has not been seen since the Great Depression. What we have become good at is creating more part-time jobs, not full-time jobs. Manufacturing jobs have been replaced by new jobs in healthcare, warehousing and retail, [...] ALBUQUERQUE, N.M. —Thousands of people applied for 200 new jobs at Target over the last three days in Northeast Albuquerque. Read more: http://www.koat.com/news/Thousands-apply-for-200-Target-jobs/-/9154100/18109042/-/r6xuwm/-/index.html#ixzz2Hy3QtaED
From Carpe Diem: … Between 2010 and 2020, the BLS estimates that the total number of U.S. jobs will increase by 20.4 million, from 143 million in 2010 to 163.5 million by 2020. The number of jobs created this decade in the top 30 fastest growing occupations – 9.3 million – will represent almost half of all of the new jobs created by 2020. What’s really interesting is that only five of the [...] Things will get worse before it will get better… The number of Americans enrolled in the government’s food stamp program has risen to surpass the previous month’s record. With 607,544 new Americans becoming eligible for food stamps in September, the total has reached yet another all-time record. The monthly increase in those enrolled in the government’s Supplemental Nutrition Assistance Program (SNAP) was the highest since May 2011 and topped off numbers that [...] Economic Crisis Fuels Military Intervention As The Chemical Weapons ‘Threat’ Becomes The New PretextDanny Schechter The US economy is sluggish with fears of a new recession. The Democrats and Republicans once more cannot agree on what to do about the alleged “fiscal cliff” that threatens to further unravel the economy, even as analysts say that the whole notion of going over the “cliff “ has been fabricated by the right to force more cuts in social benefits. Consumer confidence is dipping in this [...] (CNSNews.com) – Seventy-three percent of the new civilian jobs created in the United States over the last five months are in government, according to official data published by the Bureau of Labor Statistics. In June, a total of 142,415,000 people were employed in the U.S, according to the BLS, including 19,938,000 who were employed by federal, state and local governments. http://cnsnews.com/news/article/73-new-jobs-created-last-5-months-are-government From Global Economic Trend Analysis: A Gallup random dial poll of 607 small businesses conducted November 12-16 2012 asked the question “Over the next 12 months, do you expect the overall number of job positions at your company to increase a lot, increase a little, stay the same, decrease a little, or decrease a lot?” The net survey results show Small-Business Owners’ Hiring Intentions Plunge. U.S. small-business owners expect to add fewer net [...] Perhaps the most interesting part is where he talks about specifics that are holding the economy back still. “Recently, the housing market has shown some clear signs of improvement, as home sales, prices, and construction have all moved up since early this year. These developments are encouraging, and it seems likely that, on net, residential investment will be a source of economic growth and new jobs over the next couple of years. However, [...]  Turk – The Fed Is Playing An Extraordinarily Dangerous Game Today James Turk spoke with King World News about an extraordinarily dangerous game the Fed is now playing and how it will impact key markets, including gold and silver. But first, here is what Turk had to say about the ongoing crisis in the US: “On Friday in the United States, the Department of Agriculture released its report showing the number [...] Egon von Greyerz: We are entering one of the most worrying times in history via KWN: With gold and silver moving higher this week as stocks were trounced, today, Egon von Greyerz lets King World News readers know what to expect for the rest of this year as well as for 2013. Here is what Greyerz had this to say: “We are entering one of the most worrying times in history, maybe even for [...] ALPHARETTA, Ga. (CBS Atlanta) – If you’re one of many who are currently unemployed, you may be in luck. According to the Atlanta Business Chronicle, one area real estate company is willing to invest thousands to create new job opportunities. However, there is a catch. Frank Duffy of Duffy Realty says he will only create the jobs if Republican presidential candidate Mitt Romney wins this Tuesday’s election. “It’s about a $50,000 investment that we’re willing to make on these [...] You’ll see why there are no jobs in the U.S. With the latest jobs report, it is now the case that “Under Obama, Food Stamp Growth [Is] 75 Times Greater Than Job Creation,” according to statistics compiled by the Republican side of the Senate Budget Committee. “For Every Person Added to Jobs Rolls Since January 2009, 75 People Added To Food Stamp Rolls.” Here’s a chart detailing the growth: Since January 2009, as the chart shows, a net of 194,000 new jobs [...] Revisions to the way payroll data firm ADP counts private sector job creation have resulted in a sharp drop in the September employment count. ADP’s new calculations put the monthly job creation at just 88,200, down from the 162,000 the firm originally reported earlier this month. The firm recently has entered into a partnership with Moody’s Analytics that will change the way the private payroll count is calculated. The new private payroll count [...] President Obama’s green jobs training program, which was part of his stimulus, has failed on most key jobs measures, according to a new internal audit that found it was training workers who already had jobs that didn’t need green energy skills, and was failing to place new enrollees in jobs once they finished the training. The Labor Department’s inspector general also said grantees who received the green jobs-training money did a [...] |
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