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AAAU - Gold Monthly: The Momentum Trade Is Set To Continue For Longer
Goldman Sachs Physical Gold ETF
Investment case
The World Gold Trust - SPDR Gold MiniShares Trust (GLDM) has come under slight downward pressure (-2%) since the start of September, after a remarkable performance of 8% in August.
While we contend that the positioning in Comex gold among the speculative community is stretched, we believe that the technical break above the psychological level of $1,500 per ounce in the Comex gold spot price last month will drive further momentum-based chasers. Fundamentally, the narrative for owing gold remains in place (higher uncertainty, economic slowdown, lower yields, etc.), leading us to