Is this the start of a fresh bull run for gold?

As the stock market reaction suggested, Friday’s US jobs data was absolutely shocking. It's bad news for the US economy - but good news for gold, which has broken through the $700 mark once more.

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Economists were expecting in the region of 100,000 or so jobs to be added to the US non-farm payroll figures (probably America's most important jobs data release) in August. Instead, the figures actually showed a 4,000 drop in the number of jobs. That's the first negative number in four years.

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.