Gold and its associated stocks have soared higher over the last 5-weeks taking a bullish lead from the falling $US and global bond yields. The precious metal plunged 22% through 2022 as rising bond yields and an extremely strong $US removed the lustre from precious metals. This is yet another pocket of the market where bearish positioning is at an extreme and the “path of most pain” is on the upside, while $US1800 will offer some resistance as its been the average price over the last 2-years we can easily see a squeeze towards $US1900 through December.
- We are bullish on precious metals into 2023 believing surprises will be on the upside against the complacent bears.
MM is bullish gold into Christmas
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