Gold Flies Higher Following Dismal Jobs Data (GLD) (SLV)
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SPDR Gold Trust ETF (NYSE: GLD) is flying higher immediately following a payroll report in the U.S. Today’s report, which showed a monthly gain of 80k jobs, paints an interesting picture for the U.S. economy, which appears to have engine problems. Keeping with our car analogy, the economy refused to accelerate and may need another jump start.
This is a best case scenario for spot gold and GLD, because it means increased prospects for QE3 in the U.S. Gold bulls have been banking on the idea that Fed easing would trigger inflation or even hyper inflation down the road, and those hopes remain somewhat intact.
SPDR Gold Trust ETF (NYSE: GLD) is expected to open higher after closing at 155.68 yesterday. Spot gold currently trades at $1610 per ounce, higher by $15 immediately following the data release. iShares Silver Trust ETF (NYSE: SLV) also expected to open higher.
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This is a best case scenario for spot gold and GLD, because it means increased prospects for QE3 in the U.S. Gold bulls have been banking on the idea that Fed easing would trigger inflation or even hyper inflation down the road, and those hopes remain somewhat intact.
SPDR Gold Trust ETF (NYSE: GLD) is expected to open higher after closing at 155.68 yesterday. Spot gold currently trades at $1610 per ounce, higher by $15 immediately following the data release. iShares Silver Trust ETF (NYSE: SLV) also expected to open higher.
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