Gold bounced last week and is now ~4% above the lows, hardly an aggressive move at this stage and the jury is still out on whether or not it can break it’s currently intrenched downtrend. There are clear signs of gold ‘basing out’ around current levels and Gold equities are attracting more attention, local heavyweight Newcrest Mining (NCM) is up ~15% from it’s recent lows and that’s a supportive theme for Gold, however gold itself has not yet given us a clear green light. At MM, we pre-empted this move and are now long gold across the portfolios looking for a resumption of the recent longer term bull trend.
MM is bullish Gold and Gold equities
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