This drop feels scary, but it does not look like the end of gold to me.
What changed is not gold itself. It is expectations.
Rates flipped fast and oil has jumped. Yields pushed higher.
That combo probably hit gold so we're seeing outflows.
Gold sells off first when liquidity tightens. Then it bottoms before most people feel comfortable buying again. Right now I am looking at it like this:
• Short term still messy
If yields keep rising, I would not be surprised to see more downside
• But this does not break the bigger trend
Central banks are still buying heavily
Global uncertainty is not going away
So I am not trying to call the exact bottom.
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