The catalysts were China saying they had paused gold purchases and the percentages reducing on a rate cuts by Septembers FOMC meeting with maybe two cuts forecasted for the remainder of 2024. In the face of ECB and BOC rate cuts, the POG slid ~$80-90 which was an extremely overblown response.
The macro picture remains unchanged for gold and China isn't the only game in town buying up at record levels.
The ASX was closed for the public holiday which seemingly only made the response more vicious..I would've thought it would've allowed people to digest all the information a bit better but sent WAF down into double digits before it stabilised.
Unless there is something yet to be reported, nothing has changed for WAF. The POG is back above $2300, China has now come out and said they would resume buying gold when prices are more favourable (they want $2200) and once this week's fed rates are handed down (will be on pause) looking for hawkish/dovish hints, then it will be business as usual. Those with dry powder will do very well to buy the dip.
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