The way that the Gold Futures were running quickly ahead at the end of last month, just days ahead of the Rachel Reeves massive tax burdensome Budget, drove prices up to $2789 at one stage.
Since the start of this month, prices have fallen back on some profit-taking and the removal of the ‘fear driver’ that was pushing prices so strongly beforehand.
It has since fallen back to $2568, from which level I would anticipate a fresh wave of buyers taking up new positions, especially with the danger of ‘long-range rockets’ fuelling Third World War threats.
And, of course, there will be the run-up towards Trump taking up his Presidential Crown once again in January.
I gather Goldman Sachs is now calling Gold a Buy, looking for a move to $3,000 an ounce in 2025.
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