Welcome to illuminati silver we tell you the truth about silver.
Today is Friday 6th November 2015 and we are going to cover today’s announcement of the
US Non-Farm payroll/jobs Report.
The Bureau of Labor Statistics reported today that nonfarm payrolls grew 271,000 for the
month, and the headline unemployment rate declined to 5%.
Economists polled by Reuters expected the nonfarm payrolls report to show 180,000 new
jobs added in October, with the unemployment rate to hold steady at 5.1%
A broader measure of unemployment that includes those who have stopped looking as well as
those working part time, for economic reasons, declined to 9.8%, the first time it's been
below 10% since May 2008.
The jobless rate is now at a level many Fed officials view as consistent with full employment.
Professional and business services led sector gains with 78,000 new jobs last month.
Administrative and support services added the most of the group with 46,000 jobs.
Health care grew by 45,000 workers, retail added 44,000 and restaurants and bars increased
by 42,000.
Construction also added 31,000 workers, though the mining sector lost 5,000 jobs.
Government payrolls grew by 3,000.
Growth in average hourly earnings jumped 9 cents, representing a monthly gain of 0.6
percent and an annualized increase of 2.5 percent.
The average work week remained at 34.5 hours.
Market traders immediately began bracing for the possibility of a December rate hike.
Mark Hamrick, senior economic analyst at Bankrate.com.
Said - "We can check off a number of good-news boxes with this report.
It's hard to find any bad-news boxes to check off," Shortly after the report was issued,
Chicago Federal Reserve President Charles Evans told CNBC the much stronger-than-expected
report is "very good news" and supports his 2016 economic outlook of 2.5% growth.
J.J.
Kinahan, chief strategist for TD Ameritrade said about interest rates "It looks like the
market is telling you it's fairly in the cards”……..One thing we know about rate moves is once they
move they move at a very quick pace."
The U.S. dollar gained 1.4% against the euro as currency traders began pricing in higher
rates.
Robert Craig, Private Client Investment Manager at MB Capital in London said
"In the short term, this is likely to trigger increased volatility, but if rates edge up
and the world doesn't end, markets will start gaining confidence," ….. "For a while now,
it has felt like the Fed has wanted to clear the psychological hurdle of that first rate
rise, and it's now got that opportunity."
So what has happened to Gold and silver as a result?
Well at the time of producing this video, Gold stands at $1089 that’s $53 down since
the start of the week and silver stands at $14.75 down some 79 cents on the week.
We predicted some time ago that once October was out of the way, we would see gold and
silver continue its decline, though we were a little more supportive of gold than silver
because of the number of black swans swimming around.
Well this is exactly what has happened and further, there now becomes a real possibility
that rates may rise in December.
Whether they do or they do not, the impression the markets will have is that they will, and
as a result, the dollar has strengthened and may continue to do so, again as we forecast.
The result is not good for either gold or silver at this stage, though it could be argued
that if the economy is genuinely improving, then silver will become a little more robust.
We still see gold falling below the $1080 level and move closer to the $1000 and silver;
having already broken below $15 will certainly test the early $14 level, in our view, and
could quite possibly move into $13 territory very soon.
Next week will give us all an indication as to how the markets have digested this news
and as further economic statistics are revealed in the remaining weeks of this year, a very
firm trend for 2016 will become established.
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Disclaimer:
Silver Illuminati owners come from a background of Banking, International Wealth Management
and Economics.
Having now retired from these worlds we are not qualified to give investment advice.
Therefore, this and other productions must not be deemed to be giving such advice and
merely represent the personal views of its owners.