The fact is, the employment market has been weakening for months. It was merely obscured by bad data and overoptimistic analytic spin rooted in wishful thinking.
For Celente, gold remains the ultimate safeguard, and he warns that ignoring it—like ignoring history—will leave Americans unprepared for what lies ahead.
The metals have already gotten a boost from rate cut expectations, so there won’t likely be much effect from the cut itself. That has already been built into the price.
As for that blip down in PPI, it’s not that surprising to see a momentary cool-down in the latest month reported after a scorching-hot read the month before.
Not only are CPI and PPI prices accelerating again, but the US is in the midst of a melt up with the S&P 500 near all-time highs, with gold, crypto, and more all ripping to new highs. This is not an economy with too little liquidity.
According to a Bloomberg report, the Bolivian central bank raised $589 million by entering two gold futures contracts. The bank collected the money up front with the promise of delivering 5.4 tonnes of gold in one year.
