Gold defies the lies
It was an interesting night on Friday when gold bounced back from a predictable hit after ‘better than expected’ jobs figures out of the US. This appeared to be on large amounts of ‘shorts’ covering by the usual suspects (i.e. they force down the price on ‘bad news’ and buy up at the lower price). The COT report shows these bullions banks are absolutely poised now for large gains in a gold rally. In terms of the jobs figures just remember it is easy to reduce your unemployment figure if you simply don’t count the growing number of people who have given up looking for work. It also doesn’t tell the deteriorating story of the alarming move to lower paying jobs as people ‘take what they can get’.