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When the bank ironed another wrinkle out of its data in May, it used the correction to justify a quarter-point cut in interest rates.
The bank says its client flow data shows almost no selling of cyclical stocks in the current correction.
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With equity markets have experienced a massive correction in the last several sessions, negative economic data appears to have been brushed off by traders who have executed what amounts to a relief rally.
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"A lot of investors are positive in looking for correction, and they are poised to take advantage of good data releases, which is what we had in the U.S. overnight, " said Naomi Fink, strategist at Jefferies Japan.
The answer seems to be that the satellite data corrected by Mr Wentz and Dr Schabel already contained an unintended element of correction for orbital decay.
In a response, the authors of the original APPROVe paper say that the additional data were not available until April 28 of this year, and note the correction that appears elsewhere in the Journal.
The sharp correction in May and early June was once again fueled by Euro debt concerns and weakening economic data.
The program of seasonally adjusting data generally helps make economic trends more clear, but it is important to remember that any human scheme of correction will have its limitations.
There is a risk for a correction lower if some development occurs and is perceived as not friendly for gold, particularly since positioning data for the futures market shows speculators already heavily bullish, which in turn means potential for long liquidation.
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Still, UBS says the data, which is presented on a four-week average, miss a key point: Two weeks ago, based on its client data, UBS says it saw the biggest weekly net selling by hedge funds and long-only funds in this correction.
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