This could be a long lingering "goodbye kiss". It's still hanging around the $852 mark deciding which way to go perhaps.
I just wonder if the major gold producers who are unhedged will stockpile gold if it goes much lower and starve that part of the market. If they believe as Newmont has stated that gold will go to $1,100 why would they offload tonnes at below $850? That might also be a factor in the gold price. Others may well do the same. The hedged producers will continue to supply presumably.
There is a supply and demand aspect to the price of gold which should really be the main influence on the price. The speculators and shorters may need to take this into account!
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