In the nursery tale, Goldilocks is a vulnerable child, but in financial markets Goldilocks is a powerful force and on Friday she abruptly reversed the gold comeback.
The May U.S. jobs report that was released on Friday indicated a kind of perfect environment for stocks, reflecting an economy that was marching ahead at a measured pace that was less likely to provoke the Federal Reserve into making any sudden and drastic moves. It was disastrous for the yellow metal, which slumped by more than 2% on Friday, falling back down to $1,382 an ounce. Gold has now dropped by 15% since late March when the gold sell-off started in earnest.
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