Gold level ahead of Friday’s jobs numbers, today’s debt package vote
Saxo Bank’s Hansen says gold downside fueled by long reduction, not short selling
(USAGOLD – 6/1/2023) – Gold is level this morning ahead of Friday’s jobs numbers and a vote in the House of Representatives later today on the debt package. It is down $1 at $1960. Silver is up 8¢ at $23.34. “Hedge funds were net sellers of gold for a second week,” reports Saxo Bank’s Ole Hansen in a recent client advisory, “but interestingly the reduction was driven by long liquidation with no appetite for short selling despite the recent technical breakdown. Equally in silver the selling appetite was also muted while the copper net short was reduced by 27%, the first reduction following five weeks of constant selling that saw the net drop from a 20k net long to a 22.6k net short.”
