Gold remains relatively +158 points “high” (at 3247) to such reversion destination (at 3029). Yet clearly that valuation itself is rightly rising each day.
While a gold correction will drag gold stocks lower, the miners’ fundamentals remain their best ever. Thus the buying opportunities after this necessary gold selloff runs its course will be excellent for prepared traders.
The $3150-$2950 buy zone is highlighted, and one play for investors to consider is a buy just above $3150, a “meatier” one at $3050, and a third one just below $2950.
China is considering setting up overseas gold warehouses to support international settlements via the Shanghai Gold Exchange, according to the People’s Bank of China (PBOC).
