News that the American jobs market contains to be resilient in the face of the Federal Reserve’s attempts to cool the economy hasn’t shaken the gold bulls who are showing renewed signs of strength this week.
The latest employment data shows a decline of 12,000 people applying for first time unemployment benefits. A total of 237,000 individuals registered new unemployment claims last week, down from 249,000 the previous week. Economists had expected the number of unemployed to rise, with 251,000 claims projected. The four-week moving average was also down, dropping by 6,750 new claims to a total of 246,750.
Despite the labour market proving itself to be in resounding health, gold prices have taken little notice and have held a steady course upwards. This is further confirmation that the yellow metal is resurging in strength as it gathers momentum and moves towards a new all-time high in the second half of this year.
Don’t wait for more price rises to occur. With record highs appearing inevitable, now is the time to buy.
