After a $60 per ounce sell off in the price of gold this past 3 days, optimism in the precious metal sector has again been rattled. Market sentiment by the...
After a $60 per ounce sell off in the price of gold this past 3 days, optimism in the precious metal sector has again been rattled. Market sentiment by the end of this week is likely to be considerably more subdued than it was heading into last week when $1400 per ounce gold calls were pretty common, with many now calling this latest rally yet another false break out. If so, where does the correction end? Do we test a triple bottom around USD $1200, or is Goldmans right and we're going to see USD $1,050 per ounce gold in the not too distant future? March is typically a poor month for the yellow metal, and it had run hard for 10 weeks. For now, there's nothing to panic about with this pullback. Good gold chart and a couple of comments on US data and markets here (VIEW LINK)
Gold bull since early 2000. Have spent +20yrs working in investment analytics, research & portfolio construction. Author of two books on investing in gold and the causes of the GFC. Lover of markets, competition & technology