David Fuller's view I saw this article from Bloomberg while away from the office last week and found it revealing, despite an inaccurate first sentence. This is neither gold's longest nor deepest "slump in a decade."


All those prematurely bullish price targets show the hazards of telling markets where to go, and are contrary indicators more often than not. The 70% decline in speculative longs is another contrary indicator. The article also suggests that central banks were net buyers of gold over the last 14 months. If correct, they were certainly overpaying at last year's accelerated peak, but presumably these are long-term participants.