It was a rough month of June for Gold bulls. The yellow metal put in its worst month since November of 2016, and as highlighted last week, that month of underperformance came in ahead of eight rate hikes over the next two years, from December 2016 through December of 2018.
And given the current backdrop and the driver that pushed Gold over the ledge last month, the similarity makes sense, as the recent bearish push in Gold was driven by the signaling in the FOMC projection that highlighted two possible rate hikes in 2023.
