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Gold: Wall Street Versus Main Street

At recent lows around $1075 an ounce, gold has been trading at the lowest price level since February 2020. And, in recent days, the metal has been consolidating in a narrow range just under $1100. Now, it looks to me like gold is poised to break out one way or the other – but the question remains “Which way?” The answer may depend on some exogenous “outside the market” development, possibly a sharp sell-off in world equity markets or a spate of negative economic indicators making it less likely the Fed will raise interest rates this autumn as most pundits expect. Gold may be out of ...