Gold reached a record high of over $2,135 per troy ounce but promptly fell back. The reason behind this sudden increase and subsequent fall remains unclear.
Most of gold’s owners are old enough to know better than to place their financial trust in a dumb rock. missed it, but on Sunday night and into the early hours of Monday gold reached a record of more than US$2 135 a troy ounce — and promptly fell back. Gold is now about 6% lower than that fleeting zenith and essentially unchanged from where it was a week ago. This isn’t the behaviour we expect of serious millennia-old asset class es; that’s what magical new-age virtual tokens are for.
Gold’s Icarus-like flight to new heights was probably triggered by a stop-loss in the derivatives market that prompted a raft of algorithmic buying, as the yellow metal has been bumping up against these record levels for the past three years. What’s missing is a logical reason why this trusted store of value might suddenly be worth so much more — but then failed to sustain that new high. This sort of fickle price action often leads to a trend reversa
Gold Record High Price Trend Reversal Asset Class
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