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Gold tumbles 6% in biggest sell-off since 2013
Did you buy at the (frenzied) peak?
FT, archived.
https://archive.ph/rM1wQ
Gold tumbled more than 6 per cent on Tuesday, on course for its biggest daily drop in more than 12 years, as this year’s record-breaking bullion rally went into reverse at the end of the Diwali buying season.
After reaching a high of $4,381.52 a troy ounce on Monday, prices sank by as much as 6.3 per cent to $4,082.03 on Tuesday in what many saw as a long-overdue correction.
“It’s getting a little bit frothy up here,” said Nicky Shiels, analyst at MKS Pamp. “The main catalyst is extremely overbought conditions — the rally is maturing.” The historic rally this year has accelerated in recent weeks, with prices jumping 25 per cent in the past two months alone.
“The mere fact that we have rallied $1,000 in six weeks . . . it is indicative that prices are overly elevated, we are in the stratosphere,” Shiels added.
After reaching a high of $4,381.52 a troy ounce on Monday, prices sank by as much as 6.3 per cent to $4,082.03 on Tuesday in what many saw as a long-overdue correction.
“It’s getting a little bit frothy up here,” said Nicky Shiels, analyst at MKS Pamp. “The main catalyst is extremely overbought conditions — the rally is maturing.” The historic rally this year has accelerated in recent weeks, with prices jumping 25 per cent in the past two months alone.
“The mere fact that we have rallied $1,000 in six weeks . . . it is indicative that prices are overly elevated, we are in the stratosphere,” Shiels added.
Who got suckered by a broker or jackass on the radio? Longer term? Who knows? Not even the Oracle of AI.
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