Gold Remains Attractive
(Kitco News)- Just returned from an investment conference in Bermuda,where the mood among some of the biggest names in the industry was definitelybullish. To be taken in context, most players in the metals space are generallyneutral in a worst-case scenario but almost always bullish albeit sometimeswith the caveat “if you are a long-term investor”. Metals dealers do not makemoney telling investors that gold is a negative play. But as we discussed last week,the macro landscape remains constructive for higher prices in the short term.The unsettled global equity market, Italy’s budget issues and the unresolvedBrexit issue all combine in attracting flows into gold. The mid-term election afew weeks away may produce a swing in the power dynamics in Washington, withDemocratic gains creating at best a lame-duck administration. Technically ourlevel of $1,220 held up and $1,237 was touched overnight. A break here may seea quick move to the $1,250 level. Palladium continues to power on touching anall-time high in overnight trade.
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