Gold News

Gold pullback 'not bad news'

Despite the price of gold bullion having dipped slightly from its March high of $1,000 an ounce, one expert has pointed out that investors in the precious metal should look to the long-term for their benefits.

Roger Wiegand, editor and publisher of Trading Tracks magazine, told Commodity Online that the pullback is necessary to keep the gold market healthy and that the "gold bubble" has not been popped.

"For those who have the long-term resources to deploy […], just about any strong pullback in the metals ought to present outstanding long-term opportunity for well placed stink bids near-term," he said.

"This $40, $50, or $60 sell-off in gold is peanuts. The funds are going to come right back in again next week and the week after. I think you can bet on it."

Gold prices rose sharply last Friday (4th April), following the release of US jobs data, which showed that 80,000 jobs had been lost in March, the biggest decline in employment in five years.

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