Phony Government Release Used To Attack Gold Market
October 6, 2012
On the heels of the latest jobs data, today Michael Pento writes about the true employment situation, and how this and other key metrics will impact hard assets, particularly gold, going forward. Pento has been incredibly accurate regarding his predictions in these areas. He now states that “… investors around the world are being forced into buying precious metals.”
Michael Pento writes exclusively for King World News to let readers know what to expect going forward. Here is Pento’s piece: “The gold market dropped nearly $20 an ounce shortly after the U.S. Non-farm Payroll report was released on Friday. The Labor Department reported that the unemployment rate dropped to 7.8%, from 8.1% in the month prior. Gold prices retreated on the fear that the Fed may decide to truncate its debt monetization schemes in the near future.”
Michael Pento continues:
“However, after digging a bit into the report, investors in the yellow metal should find those fears without grounds. Friday’s figures revealed that the underemployment rate, which includes those part-timers who would prefer a full-time position and also those people who desire to work but have given up looking, remained unchanged at 14.7%.
In addition, only 114k jobs were added in the establishment survey; and the all-important manufacturing sector of the economy actually lost 16k jobs….