(Kitco News) - A weaker than expected jobs numbers released Friday should not deter the Fed from their hawkish course, said Todd "Bubba" Horwitz of bubbatrading.com.
"I think the number was actually better than they're showing, they took out a lot of jobs for the hurricane, I think the Fed is going to be full force ahead. You can see the bond futures are continuing to sell off, which means interest rates are going higher, the Fed has completely lost control," Horwitz told Kitco News.
134,000 American jobs were created in September, as reported by the U.S. Bureau of Labor Statistics, but still fell short of economists' expectations of 185,000.
"It will be positive for gold in the long run. I think that everything is now shaping up so that a lot of money will start coming into gold," Horwitz said.
Horwitz added that he thinks gold has already bottomed out this year.
"I think $1,180 was the key number and we've now started to make some higher lows and each time we pull back we find some new money buyers come on. I think there's a lot of money on the sideline waiting to come in. I think some of that was earmarked for equities, but now the equities are starting to break a little bit," he said.
This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.