US Non Farm Payrolls expected to see an increase in November of 550,000. It came in at 210,000. Less than half.
Gold rose to US$1,786 but finished at US$1,782. The A$ fell further and the OzPOG finished at A$2,548.11.
The GDX and Gold major miners actually finished in the green, for the first time since 15Nov21.
Next stop US Nov21 Inflation numbers around 12Dec21, as a prelude to the final FOMC meeting for the year on 15Dec21.
US consumer confidence has tanked as Food, Energy and Rent inflation takes effect. US payrolls still well short of PreCOVID levels.
Gold trembles in expectation of rising US T Bond rates. Interest rates fell almost 0.1% to 1.356% last night. With almost US$30t in debt, can the US allow the market to determine rates? The US$ still rises in expectation of higher rates.
I can't imagine Powell crashing equity markets before the northern hemisphere summer holidays. Just more hawkish hot air.
The next Inflation report should see the POG/inverted US Real Interest Rate differential increase further, justifying the POG. Increase in interest rates just talk, as the US Fed has painted itself into a corner.
RRL Price at posting:
$1.68 Sentiment: Buy Disclosure: Held
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