Gold is looking to post its biggest weekly gain since the start of the year as prices crack through $1,800 and set sights on $1,850 an ounce.
At one point, gold was up more than $70 on the week on Friday, trading above $1,840 an ounce.
And even though that the number is still healthy, markets were expecting to see one million jobs.
“What we’ve seen is a very significant disappointment.
For example, in Florida, May would be the last month where people don’t have to prove they are looking for a job in order to get unemployment benefits.
“That means the Fed will stay true to its words that they will keep the easy monetary policy until they reach maximum employment.
“We trade the entire commodities complex, and gold and silver haven’t really moved much over the last few months in comparison to the rest of the sector.
Investors are looking for exposure to gold and silver, whether through futures or other means, he said.
I think we will get there earlier rather than later, and that could mean we are off to the races.
Most of the macro releases are concentrated in the second part of the week, with the CPI data scheduled for Wednesday, the U.S.
“We continue to believe that inflation could be more persistent than we have seen in previous economic cycles.