by Stewart Thomson
GoldSeek
1. Most gold bugs agree that owning gold feels fantastic… on days when the price is up. Recent key reports and events have brought increased volatility to the market, and this has surprised a lot of investors.
2. The Chinese PBOC failed to buy any gold in May. While they typically only buy 15-20 tons each month, the failure to buy shocked futures market traders and they sold in a panic. Savvy Indian citizens likely have bought all the gold the PBOC failed to buy since then, but their action doesn’t get the headline news that the PBOC gets.
3. The PBOC fiasco was followed a few hours later with the US jobs report. While many gold bugs view this report as questionable at best (and completely fake at worst), the fact remains that it shocked investors and they panicked as gold fell violently, to a price they didn’t expect…