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  • New Meaning To The Phrase Range-Bound As Gold Struggles




    There are a host of reasons that explain the difficulty gold has had in the last two months, a battle that has grown more intense since May 26th.

    Let’s do a short litany on the incidental events that capped gold and then move onto larger questions. The near deal with Greece on debt has taken away some of the sentiment for safe haven buying of gold. The ECB will continue, and perhaps expand, its bond-buying QE program. There were higher yields in the European bond markets.

    Regardless, today the overriding factor is the U.S. economy. May’s fairly hot private jobs growth by private stats agency ADP was reported out. The number of private sector jobs in the U.S. rose to 201,000 in May. The U.S. Department of Labor usually reports about 5% to 15% higher than ADP. We’ll get that data later this week.

    Bizarrely cold weather and a large amount of snow coupled with a labor dispute at West Coast ports hobbled the economy early in the year, with output shrinking in the January-March period. In April, Labor said employers added 223,000 jobs, a healthy rebound from the 85,000 added in March.

    There have been other headwinds for the economy. A strong dollar tamped down exports, and a pullback in oil well drilling hurt employment. So, the Labor report will tell us whether the world’s largest economy has risen from its winter funk or will take longer to revive.


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