Jobs report a miss but not a complete breakdown
Gold's slide was stopped by a job's report that was a disappointment but not a complete breakdown, said editor Neils Christensen. On Friday Christensen recorded a podcast with correspondent Paul Harris, Mining Audiences Manager Michael McCrae and guest Luke Alexander, CEO of Newcore Gold.
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Show Notes
Gold's slide was stopped by a job's report that was a disappointment but not a complete breakdown, said editor Neils Christensen.
On Friday Christensen recorded a podcast with correspondent Paul Harris, Mining Audiences Manager Michael McCrae and guest Luke Alexander, CEO of Newcore Gold.
Friday’s nonfarm payroll report showed that the U.S. economy added 559,000 jobs in May, slightly shy of consensus expectations of 675,000. The unemployment rate is now at 5.8%, the lowest level since the start of the pandemic.
Gold saw a lot of volatility this week – first falling more than $40 and then climbing back up towards the $1,900 an ounce level after Friday's jobs report drop.
"We were expecting 645,000 and we just got over half a million--still a miss. It was a disappointment, but it wasn't the complete breakdown that we saw the other month," said Christensen.
Newcore Gold is developing its Enchi Gold Project in Ghana. Before assuming CEO of Newcore, Alexander worked in finance with stints at BMO Nesbitt Burns, National Bank and GMP Securities in London.