via Bloomberg.com - Gold Futures

Bloomberg has it that pressures on the gold market are downwards in price, which is probably correct, but interest rates as compared to inflation are still where they were before the price correction.

Another fundamental that is adding to support for prices are negative interest rates in Europe, typically ignored by U.S. traders.

Bloomberg Video

Here's the December contract spread with the longest dated futures, which would be the arena where backwardation in gold prices will eventually be realized. This spread has not given up any ground:

Ino.com Dec 2014/Jun 2020

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