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TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver bullion prices soared on Friday as gold climbed nearly 1.50 percent to $1,305.20 an ounce, and silver surged to $20.04 an ounce, after the Labor Dept. reported that U.S. nonfarm payrolls increased by just 192,000 jobs in March, while economists were expecting at least 200,000 new jobs. The news sparked triple digit selling on the Dow as investors turned to the safety of gold bullion.

The payroll data “is below market consensus, and that’s supporting gold,” said Michael Gayed, of Pension Partners LLC. “This is a very crucial number that the Fed looks at.” Economists were looking for a spring snapback in hiring, convinced that it was the harsh winter weather that depressed the jobs numbers in January and February. "Everyone had been saying the job number was going to be so much better, but the economy didn't improve the way investors had expected, and that's why the short-sellers are covering their positions," said BullionVault's Miguel Perez-Santalla.
 
"The numbers are OK but they are not the boost that the policymakers had been hoping for, so the Fed will have to keep interest rates low for a considerable period of time, and that's what's been supporting gold," said Axel Merk, of Merk Funds. According to the report, which also showed the unemployment rate remained unchanged at 6.7 percent, there were 3.7 million workers out of work for 27 weeks or more as of March.
 
Until recently it was thought that individuals who had been out of work for an extended period, or the "long-term unemployed," had a difficult time re-entering the workforce. Research by San Francisco-based Evolv Inc., appears to dispute that misconception.
 
“We have statistical proof that hiring somebody among the long-term unemployed is equal to somebody who is not long-term unemployed,” said Max Simkoff, of Evolv. The study which involved the analysis of nearly 20,000 employees reinforces President Obama’s recent call for businesses that usually prefer to hire job candidates with shorter jobless spells, to give the long-term unemployed “a fair shot” at employment.
 
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