Jobs and Gold

Hey I'm not complaining 
'Cause I really need the work
Hitting up my buddy's got me
Feeling like a jerk
--Huey Lewis & the News

This morning the monthly jobs number printed higher than expected and the headline unemployment rate fell to 3.6%--the lowest since December 1969. This has bulls lathering once again with stocks closing back in on their highs set earlier this week.

A mystery to me over the past few months has been the performance of gold. One would think that the Fed's walk back from its tightening program after letting $trillions out of the barn would have stoked gold higher. Yet, the metal continues to work its way lower.

Yes, reported 'inflation' has been on the low side but people generally understand how detached from reality these figures are. The key thing to consider is that $trillions have been printed and are being left in the system. Those $trillions are a source of disorder waiting to wreak havoc. Gold is a bet on such disorder.

Now, with measured employment marking historic levels, how long will it take to hypothesize the effects of $trillions of printed money combined with more people getting paychecks?

position in gold