Gold Is SURGING After That Jobs Report

The July jobs report just came in well below consensus estimates, and markets are staging some big moves this morning in the wake of the report.

Gold is up around $US34 an ounce just since 8:30 AM, when the jobs report was released.

Taken alongside the big surge in Treasuries and the plunge in the dollar against the euro and the yen, it appears that markets are busy pricing in reduced chances that the Federal Reserve will begin to taper bond purchases at the conclusion of the central bank’s FOMC policy meeting in mid-September.

The chart below shows the big move in gold.

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