I’ve suggested that gold investors need to be prepared to watch gold dip below $1800 (and perhaps as low as $1566-$1450) before an enormous rally towards $3000 gets underway.
I tried to warn gold bugs that this was likely to happen, that the intermediate cycle was getting late. This last rally failed short of making a new higher-high. The rally did not do what it needed to do.
With third quarter earnings now complete for gold producers, a common theme in the results was a discussion on cost inflation. Fuel continues to be the area most cited along with rising pressures on consumables/reagents..
