Will Strong June Nonfarm Payrolls Add To Gold’s Problems?
The US economy created 850,000 jobs in June. It could be another nail in gold’s coffin – what will the yellow metal do? Q1 2021 hedge fund letters, conferences and more 850,000. This is how many jobs the US economy added in June. It means that the recent nonfarm payrolls came above the forecasts (economist predicted 700,000 created jobs) and are much higher than the 583,000 in May or the deeply disappointing 269,000 in April (see the chart below). Big gains occurred in sectors heavily hit previously by the pandemic, i.e., in leisure and hospitality (343,000), public and private education (269,...