Re: Spot Gold getting hit again today
They are selling before the jobs numbers on Friday. The birth/death model is expected to have a huge effect on the jobs numbers for the past month. Basically, they're assuming a ton of jobs are being created, whether they can prove it or not. They tend to add alot of jobs from the birth/death model for the April and May reports for whatever reason. This is probably why gold seasonally tends to bottom around May or so. Same thing happened in 2004. The April and May jobs reports in 2004 reported back to back 300,000 jobs and gold got massacred during that time. But it bottomed in May. There wasn't much movement in 2005 but nonetheless, gold bottomed in May right before it began it's run from around 430 to 700. It went up almost nonstop for a year until May of 2006 (there's that month again) when it got massacred. This time it bottomed in June.