Big Jobs Miss Suggests Economy Is Sicker Than Believed | Lance Roberts

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**Adam Taggart** (0:57)
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**Lance Roberts** (1:12)
If we look at trends of the data, for instance, like employment data, it's clearly been weakening for months and months and months. Yes, it wasn't negative. Yes, it wasn't recessionary yet. But it's clearly weakening. And that's telling you that the economy is coming under a lot more trouble.

**Adam Taggart** (1:35)
Welcome to Thoughtful Money, I'm Thoughtful Money Founder and your host, Adam Taggart, welcoming you back here at the end of the week for another weekly market recap featuring my very good friend, the Oric portfolio manager, Lance Roberts. Lance, how you doing?

**Lance Roberts** (1:48)
I'm doing great, Adam. It's good to be here as always. And I don't know about Oric, but tired. That's a good one.

**Adam Taggart** (1:57)
Well, I'm trying to stay on the positive side. Oric, A-U-R-I-C, right? Meaning of gold, like gold. It's been a just bananas fantastic week for the precious metals. Gold has broken out to new all-time highs, hitting them every day, hitting them again the day we're talking here, Lance. Silver, even stronger. I know you just put out a piece like an hour ago that said, hey, probably time to trim your gold, folks. So we'll talk about that in a little bit.
But right now, yeah, Lance has goldfinger.

**Lance Roberts** (2:31)
Yeah. Well, like you and I talked, I guess, it was probably a month or so ago that I was talking about how gold had formed a really nice base, and if we could get a breakout here, that would be good, and you could definitely get a move higher. So that's occurred right now. So the question being, of course, what happens next is always the case. But as is always with investment management, when something like this happens, everybody gets all excited. So they start buying it now, instead of buying it when it was oversold, and you had a good entry point. And so again, this is always the issue with risk management general is trying to buy things that aren't necessarily working time. Gold just kind of went sideways for several months, wasn't really performing well, stocks were doing a lot better. And so we talked about that kind of that flow of liquidity. So today is stocks aren't performing well and gold is performing well. So you're just getting this money rotation back and forth between investment assets and once the market kind of resets itself, then very likely we'll see money come out of gold again to go back into stocks. So it'll just depend on where the flows are going. So it's just important to always pay attention to those flows and then don't forget to take profits when you have good gains.

**Adam Taggart** (3:39)
Yeah. Okay. And again, we'll talk about this hopefully in a bit. But you've got a bit of a reputation here, not completely unfairly deserved, but I think largely unfairly deserved that Lance hates gold.

**Lance Roberts** (3:53)
I don't hate gold at all.

**Adam Taggart** (3:54)
I know you don't. I know you're impartial and I know you have your all-weather portfolio that has gold in it all the time. But I do want to call out the fact that you did say, as you said a month plus ago saying, hey, for those who think I hate gold, gold's got a really attractive looking technical pattern going on right now. That's paid off. So anyways, kudos to you for that.