On this episode, Peter recaps the most recent batch of financial information, through which revisions to job numbers and a declining manufacturing sector bode poorly for the economic system. He additionally analyzes gold and silver’s massive week final week and gives some ideas on President Biden’s latest post-debate interview on ABC.
Friday noticed an apparently optimistic jobs report overshadowed by giant downward revisions for Could’s and April’s figures:
“They have been anticipating 189,000 jobs created, and we ended up exceeding that with 206,000 jobs. … In reality, Biden as soon as once more bragged that the roles that have been created have been over 200,000 for the month. In fact, he took credit score for these jobs. However as is often the case, when you look beneath the floor— and also you don’t should look deep beneath the floor—you get one other very weak jobs report. Let’s begin with their downward revisions as a result of there have been fairly just a few downward revisions. Each of the prior months have been revised down. So April was revised down by 57,000 jobs, and Could was revised down by 54,000 jobs. That’s not insignificant.”
Weak manufacturing job progress is indicative of America’s financial woes:
“The federal government now says that it was zero, that no manufacturing jobs in any respect have been created in Could, and eight,000 have been misplaced in June. Once more, these are the productive jobs that we’d like folks making stuff. We’re not making stuff. We’re consuming extra larger commerce deficits. This can be a weak report that can also be inflationary. So it’s stagflation, a weak economic system, and extra inflationary pressures. The labor pressure participation charge stayed at 62.6, which is a really weak quantity. And considerably, the unemployment charge rose to 4.1%. It was 4% within the prior month unrevised, and it went as much as 4.1%. That’s important.”
If something, these statistics are nonetheless too optimistic. Modifications in authorities statistical strategies paper over underlying financial fault traces:
“That’s why once you have a look at these rigged unemployment numbers and also you come to the conclusion that we now have a robust economic system with low unemployment and also you don’t perceive why Biden is so unpopular, it’s as a result of the best way we’re holding monitor of those financial statistics is fallacious. The true statistics— if we measured the economic system the best way we did previous to 1994— you possibly can see why so many individuals are so depressing.”
With gold hovering nearer to $2400/oz, Peter thinks gold mining shares will enhance shortly:
“Gold is holding at a really excessive value. I anticipate quite a lot of these gold mining corporations to report a lot better earnings than the road expects as a result of the value of gold is staying at a lot larger costs for a for much longer time frame than these analysts penciled into their earnings forecast. So I nonetheless suppose that that is one of the simplest ways proper now to play the gold sector is thru these mining shares. I feel they’re nonetheless dust low-cost. There’s unimaginable worth there. Individuals must be shopping for these shares.”
Peter slams President Biden’s most up-to-date ABC interview through which he tries to excuse his ghastly debate efficiency. Along with the president’s still-apparent cognitive issues, Peter takes situation with Biden calling Donald Trump a liar:
“ what I detest most is hypocrisy, proper? … Biden tells quite a lot of outright lies. I imply, full lies. He has no proper to name anyone a liar. Whenever you do one thing your self, you possibly can’t accuse any individual else. It’s not simply, you realize, residing in glass homes and never throwing stones. Biden has been in politics all of his life. And also you don’t keep in politics with out being a liar. You’re not going to have an extended political profession until you’re liar. You’ve received to lie loads to get reelected that always. And so he has no proper to maintain specializing in Trump mendacity, Trump mendacity. In reality, the rationale he desires to speak about Trump’s lies a lot is as a result of that’s what he does. His complete presidency is a lie. Every thing out of his mouth is a lie.”
For extra technical evaluation of final week’s metals value motion, try the SchiffGold Gold Wrap podcast.
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