Gold is Flying - Out the Door Anyway

There is no doubt metals bulls will be disappointed with the price action the past few days, expecting the ongoing Greek debacle to have pushed USD gold toward $1200oz. Instead, prices have eased, testing USD $1155oz, before rallying back into the USD $1160-$1170oz range. Sentiment - according to Bloomberg, is poor too, with bearish analysts outweighing bulls by 2:1 now, though I went all Switzerland when they asked me. Fence sitting I know, though i did make a small purchase in my own SMSF, as I'm obviously long-term bullish. Volumes - if not prices - are definitely on the rise, at least amongst Western retail investors. US Mint Sales were up 56% year on year for gold based on June sales, with the latest monthly figures the highest since January. Closer to home, we are seeing it too, particularly with SMSF investors, where turnover has quadrupled since the start of 2015. And whilst we do see potential for another sell off, gold in AUD is doing its job for investors, outperforming equities and bonds in the last financial year. (VIEW LINK)