We shouldn't fear a gold retrace in USD terms if it's on the back of a stronger USD.
What we're seeing now is a weaker USD making gold appear to be strengthening.
that's all it is.
When we view gold in AUD terms - we can clearly see it has just been maintaining its price, that's all - which is not a bad thing.
All that glitters is not always gold - it's often a weak USD.
the alternative view on gold, page-10
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