Gold gets sent on wild ride as bulls fight back following rout | Metals Mine

  • Gold gets sent on wild ride as bulls fight back following rout

    From bnnbloomberg.ca

    video Gold’s headline-setting rally has been engulfed by volatility as investors reassess the merits of one of the hottest pandemic-driven trades of 2020. After collapsing on Monday, the haven sank far below US$1,900 an ounce on Tuesday only to overturn those losses as the day wore on. After setting a record above US$2,000 an ounce last week, gold’s rally has come to a sudden halt as U.S. bond yields rose, eroding the haven’s appeal. The initial drop followed modest outflows from gold-backed exchange-traded funds, and a 15-day run in overbought territory for the relative strength index. Gold had been one of ... (full story)

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RichAlex
Aug 12, 2020 12:42pm
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None of the long term reasons for investing in gold have been resolved. Is government going to slash spending and taxes? No. Is the government going to allow interest rates to increase, when the USA is levered up to their eyeballs? Not a chance. Still highly bullish on gold.
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