Gold 
“Gold prices reached record intraday and settlement prices of $4,398 and $4,359.40, respectively, on 20 October. Prices pulled back from these levels on 21 October, falling to a settlement price of $4,109.10. Prices continued to decline into the end of October and early November, touching an intraday low of $3,901.30 on 28 October.
Gold prices are expected to consolidate in the near term,probably the next few weeks. Such consolidation is common following a period of sharp price gains as have been observed since the last week of August. Additionally, since a lot of the upward pressure in gold prices in the third week of October appeared to be in futures, forwards, options, and ETFs by momentum traders and not traditional longer term gold investors, it was not surprising that the price would come off sharply once it stopped spiking higher.”
The full Precious Metals Advisory report is available directly from CPM Group. For more information, visit their website, www.cpmgroup.com
*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
