The market appears to have migrated from something that one could readily measure and weigh according to a fairly reliable set of fundamentals into one where the tide shifts less to natural market forces and more to what is described as the 'madness of the crowds'.
More Quotes from Ross Norman:
We had a big shakeout in recent days. There was something of a bear trap at the end of August when gold dipped briefly below 430oz before finding support from physical buying.Ross Norman
We see no reason why gold should not repeat the performance of recent years and achieve a rise ... of 20 in 2006. That would see prices between 580 and 600 an ounce in 12 month's time.
Ross Norman
Its time to hang onto your hats because its going to get bumpy from here on.
Ross Norman
Were it not for that we might have expected gold to be 10 or even 15 higher than it currently is.
Ross Norman
Oil has come off over the last few days and I suspect the current slight weakness in gold is a small reflection on that.
Ross Norman
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