Gold popped above $A5,000/oz in the last 24 hours; it feels like only yesterday we were considering the precious metal as it approached $A4,000. Interestingly, after popping through the psychological $A4,000 level, the precious metals then quickly corrected 8%, a move that was reflected in more dramatic fashion on the stock level, e.g. Evolution fell 91c, or 17%.
We have taken a neutral stance on gold over the coming months, with its two-year advance looking/feeling very stretched.
MM is neutral towards gold short-term
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