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Today's gold sell off just a glitch says Morgans
From proactiveinvestors.com.au
Morgans analyst Ross Bennett views the overnight 6% slide in gold — the steepest one-day fall since 2013 — as a short-term correction rather than the end of the bull market. Gold set an intraday record above US$4,381 two days earlier before profit-taking and stronger US economic data, which pointed to later rate cuts and a firmer US dollar, triggered broad selling. Precious-metals equities bore the brunt: GDX fell 9.4% and GDXJ dropped 10.3%. Bennett said the backdrop remains supportive, citing ongoing central-bank buying, geopolitical risk, high sovereign debt and a shift away from US Treasuries. Spot gold is ... (full story)
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