Both gold and silver are performing well as gold last reported is $1215.00 and silver is $17.15 both up from yesterday’s post. Disastrous U.S. economic numbers are creating concerns in markets that we may be heading into a period of stagflation. Sorry media, we’ve been there since 2008. You can only lie for so long before truth shows up.
For the first time in U.S. history, the number of American’s not in the work force exceeds 93 million. From February to March, the labor force participation rate also dropped from 62.8 percent to 62.7 percent matching a 37 year low.
Bureau of Labor and Statistics numbers are based on the civilian non-institutional population which consists of all persons 16 years and older who are not in the military, prison, nursing home or mental institutios.
A record number of black Americans were not in the labor force in March totaling 12, 202,000. According to the BLS, more than 12 million black Americans did not have a job or actively seek one in the past four weeks. The labor participation rate for this group declined from 61.2 percent in February to 61 percent in March. Black teens face even greater odds as those ranging in age from 16 to 19 have an unemployment rate of 25 percent.
Also setting a record number are the 56, 131,000 women who are not in the work force. This is an increase of over 100,000 from February when 56, 023,000 were not in the work force.
The official number from the Atlanta Fed shows the U.S. economy grew zero percent in the first quarter down from the expected 2.3 percent growth. This is in line with the latest GDP figures from Goldman Sachs that show the global economy contracting for four straight months. The central banks have one option, print more money.
It’s a perfect time to protect our IRA with physical gold and silver. How long can nations live on debt before even rigged markets go south? The days of purchasing gold and silver either at or below production costs will come to an end. The law of supply and demand guarantees it.
Call 1-800-577-3195 with any questions.
Gold Goliath is not your typical gold dealer.