One bad jobs report was all it took to send gold’s true believers rushing back in with big money. What they bet on says a lot. What it means for your savings says less than you would think.
The jobs report landed on Friday, Aug. 7, and gold bugs, investors who stay loyal to the metal through thick and thin, treated the report like a starting gun, believing gold is the safest place to hold wealth.
Payrolls had fallen by 23,000 in July, the first monthly drop since February, and they read the weak report as a reason the Fed might be less likely to raise rates. They moved fast. By day’s end, close to $180 million had gone into bets on a rebound.
Th…
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