After Breaking Trend Wednesday, Gold Gets a Handle on $1600
As gold rips through $1600 with absolutely no resistance at all, the last couple months are revealed for exactly what they have been: a total farce. Gold was manipulated heavily over the past two months simply to stave off an event just as we are seeing this morning with gold up $50 and a $1600 handle. This is one of the bigger percentage increases for gold we have seen.
Gold broke trend on Wednesday and we are seeing the implications of that play out alongside headlines of 69,000 jobs created and a rise in unemployment to 8.2%. Of course, readers of Silver Vigilante understand that official numbers are mere propaganda and the true unemployment sits around the 25% mark. The sell in May go away race for the exits has really gotten underway on this the first day in June, 2012.
Stock futures have plunged and 10-year yield on U.S. Treasuries hit another record low. World markets are experiencing a selloff in the wake of the poor U.S. jobs report. Weakness in Chinese manufacturing figures and a report showing eurozone unemployment rate at a record high of 11%.
After the $50 pop for gold, it does seem to have stalled a bit, but not before reaching a new high for this current trading range. Europe is being digested by the world, and negative headlines are cropping back up for the U.S.