Investors are selling off gold after better than expected U.S. unemployment data.
Note how gold tanked right after the jobs data was released. 13:29 shown in the image to the right corresponds with 8:29 A.M. in the U.S..
Also, the dollar concurrently jumped right after the jobs data came out.
Yet despite this dollar strength, stocks are up strong today with the S&P 500 gaining 1.5%.
There goes the ‘everything trades up on a weak dollar’ meme.
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See Also:
- Surprise: Now Even China Thinks Gold Is In Bubble Territory
- Goldman: Gold’s Headed To $1450
- Amazing: John Paulson Makes $50 Million In Five Weeks On A Gold Trade (DGC)