Precious Metals Update 7/5/2024

The June employment report was released today and showed a continued labor market slowdown

Bullion.Directory precious metals analysis 09 July, 2024
By Ira Bershatsky
Managing Member at Advisor Metals

About 200,000 jobs were created in line with expectations though continuing a downward trend. The unemployment rate edged up to 4.1% which was the highest reading since October 2021.

One less talking point for Joe Biden as he has been saying the unemployment rate has been below 4%.

Gold and silver reacted positively to the news continuing their upward march. We wrote last week about silver being above its 50-day moving average and has continued its upward momentum. Gold was hovering just below its 50-day moving average and we wrote that it would most likely go above its 50-day moving average which it has done this week. More upward momentum.

Bitcoin has shed billions in market value due to the Mt. Gox bankruptcy and is trading around $55,000 well below its not too distant high of over $70,000. A highly volatile asset class!

Keep a watch on crude oil. It has increased over the last few weeks and is now over $84 per barrel. Regardless of electric cars and solar panels we are a fossil fuel driven economy and as the price of crude oil increases the
economy usually slows down.

The smart money continues to buy gold and silver. I am staying with my mantra of buy on the dip!

Ira Bershatsky

Ira Bershatsky is founder and Managing Member at Advisor Metals, a boutique Gold IRA Specialist, uniquely qualified in the industry and focused on extraordinary customer care without high cost premiums.

Enjoying 44 years in the business, Ira is the only person in the physical precious metals industry with a Commodities Futures Trading Commission (CFTC) Federal registration, meaning that as an advisor, everything Ira says to his clients is factual and fully transparent, without the typical sales pitch or all too common hype.

This article was originally published here

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