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Gold, silver rebound as soft ADP tempers Fed-hike trade - Kitco AM Report - KITCO

Source: KITCO

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DW NOTE

ADP payrolls came in soft and the Fed-hike trade paused for breath — so gold bounced. This is not sound money gaining strength, it's traders repositioning in a ZIRP-trained market where every soft data point brings rate-cut hopes. Gold is still down 17% from its January high. The Strait of Hormuz has been effectively shut for 186 days and oil sits 20% below its one-year peak. That tells you what actually underwrites the price: leverage, not supply.

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