The stronger than expected US employment report raised expectations of tighter monetary policy. Elsewhere, economic signals were mixed: Eurozone activity weakened and inflation rose, China showed divergence between activity of large and small firms, Japan’s real wages continued to rise, and India’s Q1 GDP beat expectations. Price weakness on Friday (5 June) was broad-based. Vulnerable technical setups (gold, silver and bitcoin), extended positioning from hedge funds and Commodity Trading Advisors (US equities – according to Vanda Research), reports of levered ETF rebalancing, lofty expectations that Hormuz was ... (full story)