“Financial markets have overreacted,” analysts wrote.
During a stressful week navigating volatile markets, many investors turned to the popular long-term investment of gold, pushing up prices 7.1% last week toward $1300 per ounce.
That was gold’s best one-week gain since the 2008 financial crisis.
But its time to sell the commodity, wrote a group of Goldman Sachs analysts lead by Global Head of Commodities Jeffrey Currie in a Tuesday note.
Gold is known as measure of investor sentiment. Investors generally see it as a “safe haven” in times of economic uncertainty, since its price stays relatively steady in the long-term.
The HUI has rallied with some gusto - is this finally the move we have all been waiting for?
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