Following Friday’s release of a better than expected non-farm payrolls report showing that 175,000 new jobs were created in February, gold and silver futures fell 1% and 3% respectively. “Investors were looking for a number that could potentially ‘taper the taper’ but obviously that concept is completely off the table,” according to one analyst quoted by MarketWatch.
But fund manager and frequent precious metals commentator, Axel Merk, tells Reuters that while the jobs number was “a decent data point,” he contends that “Ultimately, the Fed is not interested in tightening any time soon because Yellen says she doesn’t think inflation is a problem.” And a post at Jesse’s Café Américain points out that “while gold fell down to the support of its tightening symmetrical triangle, it would not stay down, even in the non-active month of March which is seasonally poor for the precious metal.”
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