Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Gold bugs have had good reason to be gloomy of late: the yellow metal’s price sunk to five-year lows when it reached $1 080.20/oz on the London PM fix on July 24. It clawed back some of the loss last week and stood at $1 092.60/oz on Tuesday. Speculation thrived about a future descent to $1 000/oz, with some arguing that gold would breach this and fall to further depths. Few commentators predicted a revival in the yellow metal’s fortunes any time soon – even if gold bears covered overly strong short positions.
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