Bullion holdings in gold exchange traded products saw the third monthly decline in May, according to Bloomberg data.
The May nonfarm payrolls report was “very poor and confirmed the midcycle slowdown in the United States,” Saxo Bank vice president Ole Hansen said in a Reuters report. “Whether it will be enough to change the mind of the Fed towards additional QE remains to be seen. At least the gold market believes it could happen.”
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Full disclosure: Tom Lydon’s clients own GLD.