Mining stocks drop as bond yields and other drivers are ‘all headed in the wrong direction’
Gold prices have fallen to their lowest since March, officially reaching a so-called “death cross” on Thursday and signaling the potential for further weakness in prices for the precious metal for the rest of the year.
““Investors’ ride on the ‘gold bus’ has been fun and exciting since earlier this year, but a convergence of bad news across the board emerged this week like a concrete wall, rerouting the yellow metal’s prices in retreat fashion.”” He pointed out that the U.S. dollar continues to surprise as it climbs further, U.S. Federal Reserve Chairman Jerome Powell and the Fed “relentlessly continue hiking rates faster and in greater distance than anything we’ve seen since World War II.”
Read: U.S. dollar is on the cusp of a historic winning streak. But how much longer can the rally last? “It takes a down-trend to actually create a death cross, so such an event typically forecasts a continuation of a decline that is already well in progress,” said Brien Lundin, editor of Gold Newsletter.
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