We need gold to buy food.

I saw that in Africa.
Farmers were not selling food in any other exchange, only in gold.
--------------------------
and

I don't believe the count is correct regarding who is employed and unemployed.
I don't believe the jobless are truly being noticed or counted. Jobless is being buried.

--------------------------
Here is another Sarah who talks about Gold...


Gold slips on stronger dollar, other metals rise
August 7, 2009 - 5:32pm

By SARA LEPRO
AP Business Writer

NEW YORK (AP) - A surprisingly strong employment report sent the dollar rising and gold prices falling Friday, while other metals advanced as investors bet that a stronger U.S. economy will mean a jump in demand for basic materials.

Trading on Friday centered around the government's jobs report, which showed employers cut fewer jobs in July than expected and that the unemployment rate fell to 9.4 percent from 9.5 percent in June.

The labor market tends to lag behind other economic sectors, with employers continuing to cut jobs long after the economy hits bottom. Investors have been anticipating unemployment to rise at least through the end of the year, so the slight dip was a welcome surprise.

In response to the report, investors who have been selling the dollar rushed to buy greenbacks, believing that the U.S. economy will return to growth more quickly than other major economies. A stronger economy raises the possibility that the Federal Reserve will lift interest rates to combat inflation, and investors tend to gravitate toward the countries whose rates offer higher returns.

The stronger dollar put pressure on gold prices, which benefit when the dollar is falling. The metal is used as a hedge against inflation and a weak dollar.

Gold for December delivery slipped $3.40 to $959.50 an ounce on the New York Mercantile Exchange. Prices finished roughly flat for the week.

Besides boosting the dollar, the positive news on jobs drove investors to place bets on copper, silver, and other metals that stand to gain from a stronger economy and the return of a robust manufacturing industry.

September copper futures gained 3.35 cents to $2.7855 a pound. For the week, prices closed up 6.2 percent. Aluminum prices rose 1.4 percent on Friday, and 6.5 percent for the week.

Among precious metals, September silver rose 2.3 cents to $14.6680 an ounce, while October platinum added $5.10 to $1,268.50 an ounce.

In other signs of investors' growing confidence in the economy, stocks soared and government bonds sold off sharply. Treasurys are considered safe-haven assets that hold up better than other investments in times of turmoil.

Oil prices gave up some of their recent gains, falling $1.01 to settle at $70.93 a barrel on the Nymex. Crude has jumped roughly $10 in just four weeks on signs the recession is easing.

In other Nymex trading, gasoline for September delivery fell 5.26 cents to $2.0081 a gallon and heating oil dropped 2.45 cents to $1.9122 a gallon.

Grain prices were mixed on the Chicago Board of Trade.

December wheat futures fell 11.5 cents to $5.1675 a bushel, while corn for December delivery lost 13.75 cents to $3.2650 a bushel.

November soybeans rose 8.5 cents to $10.3850 a bushel.

Other soft commodities rose. Sugar prices jumped 5.1 percent, while cocoa rose 1 percent.


NEW YORK (AP) - A surprisingly strong employment report sent the dollar rising and gold prices falling Friday, while other metals advanced as investors bet that a stronger U.S. economy will mean a jump in demand for basic materials.

Trading on Friday centered around the government's jobs report, which showed employers cut fewer jobs in July than expected and that the unemployment rate fell to 9.4 percent from 9.5 percent in June.

The labor market tends to lag behind other economic sectors, with employers continuing to cut jobs long after the economy hits bottom. Investors have been anticipating unemployment to rise at least through the end of the year, so the slight dip was a welcome surprise.

In response to the report, investors who have been selling the dollar rushed to buy greenbacks, believing that the U.S. economy will return to growth more quickly than other major economies. A stronger economy raises the possibility that the Federal Reserve will lift interest rates to combat inflation, and investors tend to gravitate toward the countries whose rates offer higher returns.

The stronger dollar put pressure on gold prices, which benefit when the dollar is falling. The metal is used as a hedge against inflation and a weak dollar.

Gold for December delivery slipped $3.40 to $959.50 an ounce on the New York Mercantile Exchange. Prices finished roughly flat for the week.

Besides boosting the dollar, the positive news on jobs drove investors to place bets on copper, silver, and other metals that stand to gain from a stronger economy and the return of a robust manufacturing industry.

September copper futures gained 3.35 cents to $2.7855 a pound. For the week, prices closed up 6.2 percent. Aluminum prices rose 1.4 percent on Friday, and 6.5 percent for the week.

Among precious metals, September silver rose 2.3 cents to $14.6680 an ounce, while October platinum added $5.10 to $1,268.50 an ounce.

In other signs of investors' growing confidence in the economy, stocks soared and government bonds sold off sharply. Treasurys are considered safe-haven assets that hold up better than other investments in times of turmoil.

Oil prices gave up some of their recent gains, falling $1.01 to settle at $70.93 a barrel on the Nymex. Crude has jumped roughly $10 in just four weeks on signs the recession is easing.

In other Nymex trading, gasoline for September delivery fell 5.26 cents to $2.0081 a gallon and heating oil dropped 2.45 cents to $1.9122 a gallon.

Grain prices were mixed on the Chicago Board of Trade.

December wheat futures fell 11.5 cents to $5.1675 a bushel, while corn for December delivery lost 13.75 cents to $3.2650 a bushel.

November soybeans rose 8.5 cents to $10.3850 a bushel.

Other soft commodities rose. Sugar prices jumped 5.1 percent, while cocoa rose 1 percent.


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