Gold Falls on Jobs Data

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Gold Falls on Jobs Data (CNBC)

Gold fell today, as data showing that a decline in jobless claims led investors to worry about the oncoming onset of stimulus tapering. “Gold would thrive from uncertainty about the U.S. debt ceiling talks and the Fed tapering,” Societe Generale analyst Robin Bhar said. “But data showing an improving U.S. labor market earlier today may be the reason for some profit-taking, and if the U.S. numbers continue to improve we could still expect the tapering in December.”

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Job growth has been the bleakest aspect of the seemingly never-ending Great Recession. It is not even keeping up with population growth, and more and more Americans are dropping out of the labor force (only 63% of all adult Americans now hold a job). Artificial efforts to stimulate the economy aren't helping. The latest dumb idea is to interfere with the labor markets and raise the minimum wage to $9, as California just did (the highest in the nation). The minimum wage will go up in two separ

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