Gold & Silver Slammed The Moment The Absolutely Spectacular November Jobs Report Hit The Tape

266,000 jobs were created in November, smashing expectations, and wage growth is red hot! Here are the details…

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(Silver Doctors Editors) The BLS Jobs Report, formally known as the Employment Situation Report, was just released for November, 2019.

Prior to the release, however, here’s a look at the consensus estimates from Econoday:

Also, just minutes prior to the the release, President “I don’t watch the stock market” Trump had this to say:

The Employment Situation Report was released at 08:30 a.m. EST.

Number of jobs created in the month of October, 2019: 266,000

The unemployment rate was little changed at 3.5%

Average hourly earnings (year over year) rose 3.1%

Labor force participation was little changed at 63.2%

From the BLS:

Total nonfarm payroll employment rose by 266,000 in November, and the unemployment rate
was little changed at 3.5 percent, the U.S. Bureau of Labor Statistics reported today.
Notable job gains occurred in health care and in professional and technical services.
Employment rose in manufacturing, reflecting the return of workers from a strike.

Gold & silver’s plunge the minute the Jobs Report hit the tape:

Such a spectacular jobs report reinforces the case the Fed will hold next week, which, theoretically, is “bad for stocks” and “good for gold”.

Additionally, the mainstream should be arguing for a rate hike next week with such “hot” wage growth, which would be doubly “bad for stocks” and “good for gold”.

But hey, if the cartel wants to smash, and if the cartel can smash, the cartel’s gonna smash.

For as long as people willingly play in the rigged casino.

From MarketWatch:

WASHINGTON (MarketWatch) – The U.S. created 266,000 new jobs in November, marking the biggest gain since the first month of the year and signaling the labor market remains quite robust even though the economy has slowed. The increase in new jobs easily topped the 180,000 MarketWatch forecast, helped by the end of the GM auto-workers strike. That added roughly 50,000 jobs to the payrolls number. The unemployment rate slipped to 3.5% from 3.6% and matched a 50-year low. The average wage paid to American workers rose 7 cents, or 0.2%, to $28.29 an hour. The 12-month rate of hourly wage gains slipped to 3.1% from 3.2%. Hours worked each week were flat at 34.4 hours. The government revised the increase in new jobs in October to 156,000 from 128,000. September’s gain was raised to 193,000 from 180,000.

From Bloomberg:

U.S. job gains roared back in November as unemployment matched a fresh half-century low and wages topped estimates, giving the Federal Reserve more reason to hold interest rates steady after three straight cuts. Stock futures and the dollar jumped while Treasuries slid.

Gold & silver’s knee-jerk move was lower.
The knee-jerk is often times not the actual direction of the eventual move.
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