Four Million Unemployed People Are Missing from the Headline Labor Force

Pandemic-Disrupted U.3 Unemployment Effectively Was 9.0% in
November 2020, Not the Headlined 6.7%

November Unemployment and Payrolls Confirmed Stalled,
L-Shaped, Non-Recovering Economic Activity

For the Second Straight Month, Payrolls Declined Year-to-Year by 6.0% (-6.0%)

Theoretically Equivalent Third-Quarter 2020 GDP (Product) and GDI (Income)
Rebounded by Varying Annualized Quarterly Gains of 33.1% and 25.5%,
Still Holding Far Shy of Economic Recovery

Unprecedented in 40-Plus Years of Weekly Monetary Reporting:
Money Supply M1 Jumped by 14.1% in the Last Two Weeks, in a
Post-Election / COVID-19 Flight to Cash, From M2 to M1

Year-to-Year Gain in Monthly November M1 Jumped to a Record 53.2% from the
Prior Record of 42.3% in October, Surged to 65.6% in Week-Ended November 30th

The U.S. Dollar Is at Its Lowest Level Against the Swiss Franc
Since January 2015, Down by 10.0% (-10.0%) Year-to-Year
A Weak Dollar Is Highly Inflationary for the United States and Bullish for Gold

Collapsed Oil Prices Still Suppressed November CPI and PPI Annual Inflation;
Yet, Oil Prices Suddenly Are Surging Anew

Holding Physical Gold Protects the Purchasing Power of Dollar Assets,
Irrespective of Any Near-Term Volatility in, or Manipulation of, Gold Prices