Metals Minute 161: Jobs Report, Basel III Lifts Gold

Metals Minute 161: Jobs Report, Basel III Lifts Gold

Metals Minute 161: Jobs Report, Basel III Lifts Gold

November 4, 2022 94 view(s)

Gold jumped up over 1% this morning on mixed jobs report that indicated more jobs were created than expected, while unemployment simultaneously went higher as well. Normally those 2 numbers move in opposite directions; the unease and uncertainty support higher gold and a lower dollar.



We saw the metals complex move lower yesterday as interest rates rose again, which is normally what we expect initially when rates rise.  Higher interest rates can make alternative assets more attractive to purchase, until people realize the losses in currency devaluation will exceed the interest earned.  The last time we saw this phenomenon was in the mid-70’s to early 1980’s; it was a boon for gold and silver.

Central banks are buying record amounts of physical gold, not only due to the requirements of Basel III regulations, but also because they need gold as currency to exchange for energy purchases.  The dollar is no longer the only currency used to purchase oil and gas, and that tendency appears ready to continue and expand.

We are currently in a window of opportunity for Americans, to load up on physical metal.


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About the Author: Bill Stack


Financial Analyst of 29 years and Gulf War Veteran, Bill has been helping families nationwide keep their money safe and growing since 1993. As a Certified Financial Fiduciary® and a RICP®, Bill specializes in helping protect your assets with growth potential.