COMEX’s Emergency Actions Reveal Gold Market in Distress

President Donald Trump recently dismissed Bureau of Labor Statistics (BLS) Commissioner Erika McEntarfer, alleging that the July jobs report was “rigged” to harm Republican interests. However, former BLS officials clarify that the commissioner does not directly participate in data collection or preparation. The BLS gathers employment data through two main surveys: the Current Population Survey, which interviews about 60,000 households, and the Current Employment Statistics survey, which collects payroll data from businesses. Revisions to initial job estimates are common and result from delayed responses and the need for seasonal adjustments. Experts emphasize that such revisions are standard practice and not

President Donald Trump accused the Bureau of Labor Statistics (BLS) of orchestrating a “scam” after the July jobs report revealed only 73,000 jobs added, significantly below expectations. He also criticized the downward revisions of May and June’s job numbers, totaling a 258,000-job decrease. However, experts clarify that such revisions are standard practice as BLS updates initial estimates with more complete data over time. The BLS employs rigorous methodologies, including household and business surveys, to compile employment data, and revisions are part of ensuring accuracy. Economists emphasize that these adjustments reflect improved data collection and are not indicative of manipulation.

An analysis by the World Gold Council reveals that the relationship between gold prices and the U.S. Consumer Price Index (CPI) is surprisingly weak. Since 1971, only 16% of the variation in gold prices can be explained by changes in CPI inflation. The report suggests that gold’s appeal as an inflation hedge is more complex and influenced by factors beyond just CPI, including monetary policy and investor behavior.