red day, page-2

Spot gold dipped 0.74% to $US840.05 but despite the marginal drop, analysts at Merrill Lynch were tipping big gains for the precious metal.

“Against a continued uncertain economic, political, financial and global trade backdrop, gold will probably retain its allure as a safe haven,” Merrill Lynch analyst David Rosenberg said in a report.

“If gold, in real terms, were to retest its old glory highs of the early 1980s, it would end up testing $US2000 an ounce.”

He expressed greater confidence in the gold price forecasts than in stock indices predictions.

Regardless of the upbeat sentiment, the vast bulk of the share market’s gold diggers saw red – and lots of it