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Analysis: golden child?
07 June 2013
The bull run is over but the precious metal still has its place in portfolios, says Anna Reitman
The market knew something was up, or down, rather, when gold failed to rally during Cyprus’s bail-in crisis.
Rumours began circulating that the beleaguered country’s central bank would liquidate gold reserves, accelerating selling into an already nervous market. At that point, Goldman Sachs decided to short the yellow metal.
Expectations of gold reaching $2,000-plus per ounce have long since disappeared and, between the beginning of the year and mid-May, liquidations in gold exchange traded products are reported to have amounted to more than 450 tonnes. This surpassed the combined inflows during 2011 and 2012, according...
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