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Gold’s vexing selloff in recent months was totally momentum-driven. It had nothing to do with fundamentals, which remain strong for gold.
Extreme gold-futures selling erupted in early January after a key technical level failed, hammering gold lower. That plummeting scared American stock traders, who started dumping major-gold-ETF shares.
Both gold-futures and gold-ETF-share selling cascaded since. The good news is the gold-futures selling that ignited this is finite and is likely nearing exhaustion. After that, gold should rally hard.