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Gold saw a bit of recovery today. about half of it from dollar weakness, half from regular trading. For the moment the bleeding is stanched.

If it wasn't pathetic and hadn't affected tens of millions of people, the Institute Of Supply Management's bungling of their own statistics today would be funny.

But their mistake revealed a lot of information to gold traders.

News is a funny beast. We're never sure if events are guiding the news or the news is guiding events. Early in the month, the world was fretting about Ukraine and Russia.