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Gold: It’s Groundhog Day All Over Again for Frustrated Bulls
Last week, we analyzed the (lack of) safe haven demand for gold in the wake of Greece’s deteriorating debt negotiations, noting that “the yellow metal …[was] dramatically lagging its safe-haven rivals” and that “this week’s lackluster reaction suggests that gold may be losing its luster and on the verge of a big breakdown” (see “Gold: Safe Haven No More?”). Gold subsequently dropped to a new nearly 4-month low at 1156 on Thursday before recovering slightly into the weekend. As we open another week of trade, it feels a bit like the 1993 movie “Groundhog Day,” where Bill Murray inexplicably get ... (full story)
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