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.”
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Sometimes I think I have a dream job. I get paid handsomely for doing what I love to do and I can do it on my own schedule. When I was in high school, I thought I would like to be a coach and a teacher. I would have been good at both. But I ended up in sales. I bounced around from job to job with a rather lackluster resume until I ended up in the precious metals industry, 29 years ago. It was the best thing that happened to me since a chance meeting with my wife Susan in a lady’s shoe store, some 20 years earlier in 1963.
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The following was written earlier in the year by technical analyst Larry Edelson:
From 4 Moves We Must See Before the Next Bull Run Can Begin
-Gold has taken out the December high, which is very positive for the longer term. It confirms that gold is still in a long-term bull market. But that’s all it says.
To truly break out to the upside, we need to see gold take out the $1,808 and $1,835 levels — preferably on a weekly or monthly closing basis. Until then, gold remains in a very broad trading range that could easily see gold plunge back down.
Today Rick Rule warned King World News about tight gold supplies and future supply constraints. This interview also discusses the frightening conditions that workers face in places like South Africa. At the bottom I also have a note about a video I sent Richard Russell a decade ago regarding the world’s deepest gold mine.