Strong Jobs Data Driving The Dollar Higher and Gold Lower… But Will This Be A Trend Of Better US Data?

July 5, 2019

John Rubino, Founder of the Dollar Collapse website joins me to share his thoughts on the strong US jobs number from today. This data point is moving the US dollar higher and pushing gold lower along with US markets (marginally). We address where gold is trading right now and how some major fund managers are really warming up to the yellow metal recently.

Click here to visit John’s site for more of his commentary.

    Jul 05, 2019 05:01 AM

    Wall Street obviously sees the strong jobs number as a selling opportunity.

    Jul 05, 2019 05:14 AM

    Here is that Debt Clock……….
    Check the total number of receivers………lower right hand
    169 Million receiving benefits…

    Jul 05, 2019 05:35 AM

    Check the Clock
    Currency and debt derivatives………. $545 TRILLION………up 498% since 2000

      Jul 05, 2019 05:37 AM

      Debt clock….tells a lot more what is going on than a bunch of paper writers…

      Jul 05, 2019 05:43 AM

      Yet there’s no shortage of idiots defending the system.

      Jul 05, 2019 05:17 PM


      The debt clock is mistaken about derivatives. It says that currency and credit derivatives total $545 trillion. That is not true. Actually currency and credit derivatives (CDS) only total about $100 trillion. Interest rate swaps, which are the largest type of derivative, total about $437 trillion. The title for that $545 trillion amount should be changed to say all derivatives.

        Jul 05, 2019 05:24 PM

        Either way………..that is a BIG NUMBER>>>>>>
        Considering it was only…..$91Trillion in 2000……

        Jul 06, 2019 06:59 AM

        JMILLER – good job pointing out the debt clock errors.

          Jul 06, 2019 06:41 AM

          JMiller is one of those guys who defends the quality of the mayo on his shit sandwich.
          He’s been doing for years. It’s great that he’s got a fan in you.

            Jul 06, 2019 06:23 AM

            Not sure they are all Errors PAUL… your own home work…..the numbers are HUGE…
            If, anyone can refute that let’s have a discussion….with SOME FACTS>

            Jul 10, 2019 10:49 AM

            Matthew, you sound like you are jealous.

          Jul 07, 2019 07:47 PM

          Matthew – why are you such an asshole. Oh, I know, you were born that way.

    Jul 05, 2019 05:58 AM

    As we all know the Fed is reactionary. It almost always acts late.It is clear the world economy is going into recession. Other countries are universely lowering interest rates, so the Fed should take advantage of this and lower rates also.This will, by lowering interest cost on the debt, reduce the amount of monetization needed.
    But will the Fed consider debt-carry cost as paramount?
    Lower interest rates might reduce recessionary trend at the same time, thereby lowering deficit……so what is there to lose by lowering interest rates, except saving this one arrow in the quiver for later….too late, probably.

      Jul 05, 2019 05:44 PM

      Couldnt agree more cfs!

    Jul 05, 2019 05:04 PM

    This came out after Rubino.

    Fed Repeats Pledge To Act To Sustain Economic Expansion
    By MARTIN CRUTSINGER – Associated Press – Fri Jul 5, 10:29AM CDT

    WASHINGTON (AP) — The Federal Reserve on Friday repeated its pledge to “act as appropriate” to sustain the current economic expansion, now the longest in U.S. history, while noting that most Fed officials have lowered their expectations for the future course of interest rates.
    The Fed’s statement on interest rates came in its semi-annual monetary policy report, which said that since May “the tenor of incoming information on economic activity, on balance, has become somewhat more downbeat and uncertainties about the economic outlook have increased.”
    Federal Reserve Chairman Jerome Powell will testify before Congress on the monetary report on Wednesday and Thursday of next week. He will likely face questions on whether the strong jobs report Friday, showing 224,000 jobs created in June, lessens the chances for a June rate cut.
    The Fed at its last meeting in June had signaled that it was prepared to start cutting interest rates if needed to protect the U.S. economy, a change from the pledge it had been making since January to remain “patient” before changing rates.
    The Fed pushed its key policy rate up four times in 2018, angering President Donald Trump, who blamed the rate hikes for slowing economic growth and depressing the stock market. The Fed’s benchmark rate currently stands in a range of 2.25% to 2.5%.
    Financial markets have been expecting a rate cut with the CME Group’s Fed tracker putting the odds of at least one rate cut at the July meeting at 100 percent.
    However, that expectation reflected investor views before the government reported the sizable 224,000 gain in jobs in June, which was a rebound from a gain of 72,000 jobs in May.
    In the monetary report, the Fed noted that views of Fed officials about the economic outlook had changed beginning in May as global growth slowed and U.S. businesses and farmers began to express “heightened concerns” about rising trade tensions.
    In early May, Trump increased penalty tariffs on $250 billion in Chinese goods and threatened to broaden the tariffs to $300 billion in other Chinese imports after trade talks between the world’s two biggest economies stalled.
    The Fed said that in its updated economic forecast released in June, about half of the Fed officials expected they would need to cut interest rates this year. The other half believed the benchmark rate could stay where it is currently.
    Trump last week declared a ceasefire in his trade war with China after a meeting with Chinese President Xi Jinping at the Group of 20 summit in Japan. Both countries agreed to resume negotiations to reach a deal to satisfy American demands for better protection of American technology.
    Trump has leveled a number of attacks at Powell and the Fed. Earlier this week, he announced his intention to fill two remaining vacancies on the seven-member Fed board with economists Judy Shelton, who had served as a Trump economic advisor, and Christopher Waller, currently the research director at the Fed’s St. Louis regional bank.

    Jul 05, 2019 05:41 PM

    UCLE looks good

      Jul 05, 2019 05:54 PM

      Its interesting to note that as gold approached a potential even double top, out came surprisingly robust US job numbers. This creates a perceived instantaneous selling point for gold and so the double top ensues. Is it just me or does it seem somewhat coincedental that this apparent inverse technical development played out just like clock work? Either the gold market was pausing around its previous high in waiting for job numbers to dictate its next move or maybe somewhat more sinisterly, the job numbers were fudged for a well known hidden agenda???… Mmmmm!!!

    Jul 05, 2019 05:00 PM

    Good assessments by Peter Schiff:

    Holiday Markets Overreact to Jobs Report