Precious metals surged higher overnight as the $US Dollar and bond yields fell, with gold recovering from an initial sell-off during our day session to close up +3.4%. The reaction was even more profound at the stock level, with the VanEck Gold Miners ETF (GDX US) surging more than +9%.
- We can see a sustained advance by gold and related names as inflation fears retreat with the oil price.
MM is bullish towards gold ~US$4050
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