With the US Dollar Index hovering at 90, look at who is bullish on gold and commodities.
More Signs Of Accelerating Inflation
By Peter Boockvar, author of the Boock Report
March 12 (King World News) – Here is what Peter Boockvar wrote as the world awaits the next round of monetary madness: Along with the solid jobs gain in February seen on Friday, there was the belief that wage growth was not accelerating which if it was would enhance the inflation worries. I encourage people to dig deeper though and if they do, they will see that wages are showing continued signs of accelerating…
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Boockvar continues: Average weekly earnings of private sector production, non supervisory workers (about 80% of payrolls), rose 3.1% y/o/y. They were up 3.7% in mining, 4% in construction and 3.8% in manufacturing. These are more skilled workers and the dearth of supply is showing up in higher pay. As for services, weekly earnings is higher by 2.9% y/o/y with the information sector up by 3.3%. Bottom line, wages are rising, the trend is up and that is good for employees and a higher cost for employers where an improvement in productivity is needed to offset it.
Bullish Gold, Commodities, Bearish US Dollar
If there was one asset that completely sat out the Friday exuberance over the great jobs report it was the US dollar that still cannot get out of its own way. Between the reaction in interest rates and the upside jobs surprise, it had every reason to rally and it couldn’t. The action is thus still bearish dollar and I remain positive on the precious metals and other commodities, particularly ag.
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