Brisbane real estate has been in the doldrums for years now with no sign of recovery. What is selling, and fetching good prices here though is inner city homes that have been madeover. There is stll money to be spent, but only by the top 1% of earners it seems.
Stronger USD. Now trading at 87.14 cents. AUD gold price is little changed on the day.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be rising.
Yeap. August Job revised up in the US from 148,000 to 180,00 and September jobs at 248,000 well above forcast.
US unemployment now below Australia's at 5.9% and falling quickly.
US rates will rise sooner then expected, hence why Gold is now falling like a stone just as I said it would.
Quote:
Gold prices fell below $US1,200 an ounce, sinking to their lowest level this year, after data showed the US labour market strengthened more than expected in September.
The US economy added 248,000 jobs last month, the fastest pace since June, the Labor Department said Friday. Revisions also showed the labor market grew more than previously estimated in recent months, with August and July data revised higher.
The unemployment rate, obtained from a separate survey, fell to 5.9 per cent last month from 6.1 per cent in August, hitting the lowest level since July 2008.
In response gold futures tumbled to $US1,198.40 a troy ounce, their lowest price since December 31. Gold for December delivery, the most actively traded contract, was recently down $US13.80, or 1.1 per cent, at $US1,201.30 a troy ounce on the Comex division of the New York Mercantile Exchange.
"This is just another sign that the metals trade is over," said Adam Klopfenstein, a senior market strategist with Archer Financial Services LLC.
"The inevitable trend for gold is lower, and it’s a long drop from here," he said.
Continued improvement in the US labour market clears the way for the Federal Reserve to tighten policy once the central bank ends its stimulus program later this month. Gold which doesn't earn interest, is expected to struggle in attracting investors away from interest-bearing assets like Treasurys once rates climb.
Friday's report "keeps the Fed right on the policy path they're at," said Ira Epstein, a broker with the Linn Group.
"I don't think they're going to move anything forward or back, they'll just sit and watch the data into next year," he added.
A stronger dollar, which rallied on the US jobs data, also pushed gold prices lower. Gold is traded in dollars and becomes more expensive for foreign buyers when the greenback strengthens against their home currency.
The fed probably won't raise rates until either inflation seems to be on the rise or the U6 unemployment reaches about 9%. With the USD doing what it is, cutting energy and import costs the way they are, I'd say it is U6 hitting 9% that will cause rates to start rising. If I had to pick a month I'd say October 2015. Then they will rise quite fast and this will decimate gold.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
Yeap. August Job revised up in the US from 148,000 to 180,00 and September jobs at 248,000 well above forcast.
US unemployment now below Australia's at 5.9% and quickly falling
This is getting old. We continue to be told that the US economy is in recovery and stronger than ever. The press trumpets heavily massaged data (GDP growth and the unemployment number) while ignoring data that clearly indicates the US economy is in the toilet (labor participation rate, median income, etc).
Do the following sound like a strong economy?
1) The labor participation rate is at a 36 year low meaning there are less Americans of working age actually working than at any point in over three decades. 2) Median income is down over $4K since 2008. You cannot use mean income to measure income because the wealth disparity in the US skews the results courtesy of the 0.01% who earn millions per year. 3) An incredible 47% of US households receive some form of social spending from the US Government. 4) One in five US households are on food stamps.
The US economy is on the brink of collapse and no amount of lies will prevent that from occuring.
The further one digs into today's "blockbuster" jobs report, the uglier it gets. Because it is not only the participation rate collapse, the slide in average earnings, but, topping it all off, we just learned that the future of the US workforce is bleak. In fact, with the age of the median employed male now in their mid-40's, the US workforce has never been older.
Case in point: the September data confimed that the whopping surge in jobs... was thanks to your "grandparents" those in the 55-69 age group, which comprised the vast majority of the job additions in the month, at a whopping 230K. This was the biggest monthly jobs increase in the 55 and over age group since February!
The fed probably won't raise rates until either inflation seems to be on the rise or the U6 unemployment reaches about 9%. With the USD doing what it is, cutting energy and import costs the way they are, I'd say it is U6 hitting 9% that will cause rates to start rising. If I had to pick a month I'd say October 2015. Then they will rise quite fast and this will decimate gold.
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