Here is the Good News for Gold Today, Plus a Look at Economic Surprises

June 08, 2023

On a day where the price of gold is down $25, here is the good news, plus a look at economic surprises.

June 7 (King World News) – Fred Hickey: On May 15 (3 weeks ago), gold was $2,016oz and gold futures open interest(contracts) was 536K. On June 5, open interest was just 434K, down a whopping 102K contracts (-19%), indicating little interest in gold and at a level where gold typically rallies. Yet gold is hovering above $1,960.

So far, gold’s decline over past month’s (healthy) correction has been limited. Assuming that continues during what’s left of seasonal weakness (historically optimal time to buy is mid-June/early-July), lift-off level could be relatively high, likely leading to record highs and more…