Morning Report Thursday 25 June 2015
Five days ago, Gold had a $US25/oz. surge on concerns over Greece and swings in the $US enticed us to consider buying back into Regis Resources (RRL) as a trade. Last night, the Dow fell 178 points on renewed Greek concerns (getting boring), but gold reached its lowest level in 3 weeks, clearly not bullish price action. Infact, gold is still trading below the spike low it reached in June 2013, this implies to us at some stage this year a move to test US$1,100/oz, or lower is likely. With US interest rates set to rise over the next 12-18 months and inflation not raising its head,there is little excitement for gold buffs at present barring a “left field” global disaster.
Let’s look at the pieces of the “gold puzzle” we are considering:
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