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More Breakdowns, More Declines, and More Profits

August 7, 2018, 6:52 AM Przemysław Radomski , CFA

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Gold, silver and mining stocks declined once again yesterday and even though it was not exceptionally big, it was significant. All the above closed at new 2018 lows and the HUI Index once again closed the day below the December 2016 low in terms of the daily closing prices. Is the big plunge really starting? How low will gold slide?

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Dec Market Overview

Gold Market Overview

There are plenty of myths about the gold market, in particular about the alleged factors which are supposed to prevent gold prices from declining. In this edition of the Market Overview, we refute five of them:

1. Trade wars and lax fiscal policy are negative for the US dollar and positive for gold.
2. Central banks’ purchases create a floor for gold prices.
3. The price of gold cannot decline and stay below the gold production costs.
4. There is a disconnection between paper and physical gold prices and the former has to catch up with the latter eventually.
5. The extreme bearish CoT positioning necessarily implies the turning point in the gold market.

Read more in the latest Market Overview report.

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