A US JOBS REPORT THAT FAILED TO DETER INVESTORS FROM BUYING GOLD AND SILVER

The US reported an astounding growth in jobs, registering 287,000 jobs in June and what followed next was a raid by the Cartel on gold and silver, pushing gold down to US$1,330s while silver down to the US$19.20s per oz.

No one really believed in the report as Treasuries sank to their lowest yields on record, and investors were encouraged to buy the dip in gold and silver and the closing on Friday both were up significantly. At the point of writing on Monday, both gold and silver are once again up,with gold above US$1,370 and silver above US$20.50 per z.

Zerohedge dissected the jobs report and found that more than 100,000 jobs were taken up by senior citizens above 55 years old. Now if senior citizens made up the bulk of the jobs what happened to the young people fresh out of college? It comes as no surprise that student loans have now become a pressing issue as many fresh graduates are finding it difficult to find a job. The magnitude of the loan? More than US$1 trillion!

Then we have more than 100,000 jobs being in the minimum wage category. Were we any surprised? It was no wonder why the wage growth fell below expectations. Also, states across the country have been reporting falling revenue from personal income tax and is bearing on their budget allocations.

What we are facing is an unprecedented crisis with more than US$14 trillion of sovereign debt with negative yield, and a mounting banking crisis in the EU.

So what about the S&P being traded in thin volume yet managing to register gains. The S&P earnings have been down for four quarters and possibly the coming quarter will be the fifth.

The safest place to put your money now is n precious metals, miners and related ETFs and do avoid all financials.it could be an ugly earnings season ahead.