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Listen Live: Unemployment Up By 1.1 Million (podcast with Nick)

Listen to “Unemployment Up By 1.1 Million – Nick Santiago 8-20-2020 #102” on Spreaker.

 

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1. Weekly claims up 1.1. Continuing claims 14.8 million, down 500k from last week. A little weaker than expected. A little bit of set back. Markets taking it in stride.

2. Markets are down except for the Nasdaq. It’s continuing its leadership. Some stocks keep going up, like Apple, reacting to its split. All the big names are higher today. The trend is still up.

3. Gold and silver slammed yesterday. Miners up. Gold futures down a little. Zig-zag down pattern. Lower high and another leg lower.

4. Oil pulling back a little. Pattern looks strong for oil. It’s consolidating and will be heading higher. $34-$35 are the floor. Silver is holding up well. It’s working off an overbought condition. Move should be sustainable. Prospects for both metals going higher are pretty good. We’ll see if we consolidate and go higher. The fundamental picture is there for higher prices.

5. USD close to a bottom. One more minor leg down and then it’s going up. It’s had its sell-off and now it’s heading higher. Will it be be dollar higher, gold higher, it’s been known to happen. Right now many 13F filings are showing heavy gold exposure. Buffett bashed gold throughout his career.