While the initial trade is not definitive, we give the edge to the bear camp as dollar declines are insignificant, treasury prices are up minimally, and many commodities are tracking higher.
Fortunately for the bull camp last Friday gold ETF holdings increased by 11,620 ounces breaking a 19-day pattern of outflows. Nonetheless, gold ETF holdings last week still fell by 131,350 ounces and silver ETF holdings declined by 5.4 million ounces.
While the Chinese data on its face was not particularly discouraging, the growth rate in China was significantly softer than in the prior quarter with Chinese retail sales posted a gain of 3.1% versus the 12.7% gain in May...[MORE]
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