Gold’s September Pullback is Healthy

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Despite the gold price consolidating in September, investors continued to aggressively increase their positions.

Following gold’s very sharp rise since May, September’s correction was not unexpected. We believe it is reflective of a new consolidation phase, and likely to be short term in nature. All factors that we consider to be significantly correlating to gold bullion indicate that we are still in the early stages of a major long-term advance.

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