Friday morning's release allayed most fears of a slowing labor market, with the BLS announcing the following:
Total nonfarm payroll employment increased by 139,000 in May, and the unemployment rate was unchanged at 4.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in health care, leisure and hospitality, and social assistance. Federal government continued to lose jobs.
The better-than-expected announcement sent stock futures soaring. Shortly after the release, Dow futures were up 290 points, NASDAQ futures exploded higher by 190, and S&P futures gained 48 points, suggesting a strong showing for stocks when cash markets open at 9:30 am ET.
Elsewhere, gold continued to be bid, holding above $3,380, but the bigger story was in silver, which posted its second 13-year high in as many days Friday morning, topping out at $36.42 on the COMEX. Silver, recently valued at the extreme in terms of gold, over 100:1, has long been seen as the lynchpin of price suppression in precious metals.
While gold has made substantial moves to record highs repeatedly over the past 18 months, silver has been seen as a laggard, though comparisons over longer-term periods show that silver has performed moderately-well, despite not breaking out to new highs. This immediate breakout suggests that silver will lead gold in price movement over the near term.
Silver's all time high of $49.95 was achieved back in 1980, when the Hunt Brothers - Nelson and Bunker - had attempted to corner the market. The second-highest record price was in April 2011, when it reached $47.94 per ounce. Many in the precious metals community expect silver to explode past both of those levels in dollar terms, though their patience has been wavering. Many silver stackers have abandoned hope, succumbing to the inevitable price suppression by known parties favoring fiat currencies over real money - gold and silver.
Any substantial movement in the price of silver could send shock waves through the financial system where everybody knows the era of fiat currencies is coming to an end.
Current narratives suggest that silver is an industrial metal only, despite its existence as a monetary metal over thousands of years. The cartel of central bankers that have thrived during the fiat era are cut from the very same cloth that first successfully de-monetized silver in 1873, in what is known in the precious metals community as the "Crime of '73."
Considering the precarious nature of fiat currencies - now the standard for all countries in the world - a re-emergence of gold, and especially silver, as accepted means of exchange and/or payment bodes ill for the debt-based currencies that have enriched bankers and corrupt politicians at the expense of working people.
Gold and silver's days are coming. Some attest that they are already here and their re-emergence as the predominant money in global markets is only one more financial crisis away.
At the Close, Thursday, June 5, 2025:
Dow: 42,319.74, -108.00 (-0.25%)
NASDAQ: 19,298.45, -162.04 (-0.83%)
S&P 500: 5,939.30, -31.51 (-0.53%)
NYSE Composite: 19,883.29, -4.04 (-0.02%)
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