Market Ethos - Going for gold


For the third time in as many years, gold is brushing up against the US$2,000 per ounce zone, which of course raises the question whether this resistance level will hold once again or will the yellow metal finally break out. For any investor who has invested in gold or gold miners for more than a few months, it can be one of the more frustrating and sometimes mystifying holdings. The rally in 2020 was pretty logical, given the uncertainty of Covid and the amount of central bank balance sheet expansion. But the languishing price in 2021 and drop in the first half of 2022 was at odds with rising inflation. More recently, bank stress has seen gold rise again to 2,000 before giving a little back in recent weeks.

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