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Gold's 2016 Rally Was Built On Sand

By Ross Norman of Sharps Pixley | Thursday 1 December 2016


 


2016 has been the most peculiar year for gold that I can remember. On the surface, 2016 has been a typical year with a gain year-to-date of 11 pct in dollar terms (31 pct in GBP terms) which is a just shade lower than its annual average gain since 2001 at 12.8 pct. What makes the past year so unusual has been the powerful reversals in buying and indeed selling behaviour from otherwise reliable sectors ... and, this is key ... not all buying is equal and it therefore explains the recent price action and the outlook. I'll explain.


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