The Bureau of Labor Statistics of the U.S. Department of Labor reported that nonfarm payrolls fell by a whopping 533,000 jobs in November, and the official government-approved unemployment rate rose from 6.5 to 6.7%.
Gold prices closed up $70 yesterday – the biggest one-day spike since 1980. This marked a sharp reversal from a two-month correction that shaved over 25% off the price of the precious metal.
David Galland says profit taking by institutional investors has ‘trampled’ metal prices. But the deepening crisis on Wall Street, geopolitical tensions and a traditional September bounce could send gold soaring back towards $1,000 an ounce. David says this could “happen literally almost overnight.”
Here’s a no-brainer long-term investment strategy to stick to: buy and hold resources now.