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Today's rundown is a roller rollercoaster flight. Gold saw its greatest everyday drop in seven years, dropping virtually $200 this week from $2,060 an ounce to listed below $1,880.
Silver complied with, plunging from $29 to below $24. The marketplace has actually rather supported ever since yet many experts remain hesitant, saying the price pullback is not over.
TD Securities said that "thinking about the uber-bullish sentiment in gold, together with bloated positioning and speculative activity, the pullback still has room to run."
Commerzbank made comparisons to the 2013's decrease and stated that: "We are not likely to see rates return swiftly to the highs achieved at the end of recently." Moving forward, Commerzbank sees a period of rate consolidation lasting for a number of weeks, which it states will certainly be healthy and balanced for the market.
Some gold specialists believe that this pullback can be the last excellent chance to acquire prior to the gold rally becomes part of a hyper mode next year. Goehring & Rozencwajg Leigh Goehring Associates taking care of companion Leigh Goehring claimed that he sees gold dropping below $1,700 this year before resuming its path towards $15,000 by the end of this years.
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Gold’s roller coaster ride: Bracing for price bottom and what’s next — Weekly rundown
This week’s rundown is a roller coaster ride. Gold saw its biggest daily drop in seven years, falling nearly $200 this week from $2,060 an ounce to below $1,880.
Silver followed, plunging from $29 to below $24. The market has somewhat stabilized since then but most analysts remain skeptical, saying the price pullback is not over.
TD Securities said that “considering the uber-bullish sentiment in gold, along with bloated positioning and speculative activity, the pullback still has room to run.”
Commerzbank made comparisons to the 2013’s drop and said that: “We are unlikely to see prices return quickly to the highs achieved at the end of last week.” Going forward, Commerzbank sees a period of price consolidation lasting for several weeks, which it says will be healthy for the market.
Some gold experts believe that this pullback could be the last great opportunity to buy before the gold rally enters into a hyper mode next year. Goehring & Rozencwajg Leigh Goehring Associates managing partner Leigh Goehring said that he sees gold dropping below $1,700 this year before resuming its path towards $15,000 by the end of this decade.
__________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
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