Feel The ‘V’ (Shaped Recovery)! Gold & Silver Drop After Spectacular June Jobs Report (4.8 Million Gain)!

The latest report smashed expectations, again, and gold & silver get smashed! Typical. Trump’s elated. He’s holding a presser at 9:30 am. Watch it here…


Update: The President is holding a presser on the June Jobs Report.

It’s slated to start at 9:30 a.m. EST, and can be watched right here:

Of course, Trump’s press conferences notoriously start late.


(by Half Dollar) Why anybody puts any credibility in any of these employment numbers, and especially this report, is beyond me?

I mean, the people finally realize and recognize that the markets are fully manipulated and rigged, except for the gold & silver markets, of course, but then again, the sheeple still think we went to the moon, so there’s that.

Regardless, prior to the release of the Employment Situation Report for June, 2020, released exactly 32.5 hours after the month of June ended, here’s what the consensus was looking like, from Econoday:

It really is amazing that the jobs numbers are no longer estimated in the hundreds of thousands, but in the millions.

Still, today’s number smashed expectations, yet again!

Just like last month’s report.

If fact, the June report is almost twice as nice as the May report as far as the headline number goes.

Does that mean there will be no more helicopter money drops for the Proles, now that America’s suddenly gainfully employed?

It’s the “V”-shaped recovery, baby!

But I digress.

Here’s the breakdown of the official June 2020 Jobs Report:

  • Total employment rose by: 4.8 million
  • Unemployment rate declined to: 11.1%
  • Average hourly earnings fell by $0.35
  • Labor force participation rate increased to: 61.5%

Here’s more, from the BLS:

Total nonfarm payroll employment rose by 4.8 million in June, and the unemployment rate declined to 11.1 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it. In June, employment in leisure and hospitality rose sharply. Notable job gains also occurred in retail trade, education and health services, other services, manufacturing, and professional and business services.

And a graphical look of the report, from the BLS .pdf file:

Here’s a representation of the MSM’s interpretation, via Bloomberg (bold added for emphasis):

The rebound in the U.S. labor market accelerated in June as broader reopenings spurred more hiring last month, though filings for unemployment benefits remained elevated last week as coronavirus cases picked up.

Payrolls rose by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month, according to a Labor Department report Thursday. The unemployment rate fell for a second month to 11.1%, still far above the pre-pandemic half-century low of 3.5%.

Stand by for the customary, “JOBS! JOBS! JOBS!” Tweet.

I’ll update this post when it comes out.

UPDATE: Scratch that.

Trump’s holdin’ a news conference:

We’ll get that embed to watch in in this post.

Here’s a look at gold & silver on the 1-minute chart:

Of course, gold and silver had been worked lower heading into the report, along with the customary “selling”, which is standard operating procedure for the cartel, no matter if the jobs report is good, bad, neutral, or indifferent, the moment the report hits the tape.

Normally, this report would be released on the first Friday of the month, as the first Friday of the month is the regularly scheduled release date, but tomorrow is the officially recognized July 4th holiday.

Speaking of July 4th, there will not be a “Friday Wrap” article as usual.

At just after 9:00 a.m., we see the knee-jerk reaction is clearly to the downside:

To me, this looks like a nice little dip for real physical.

More often than not, knee-jerk reactions reverse.

Although that was before TEOTWAWKI.

Now there is no shame at all.

In the market rigging.

So we’ll just see.