Asians back in the market for gold

In the last two weeks the gold price was slammed, ensuring that expiring call options were out of the money and therefore worthless. As part of a bull market consolidation process, is it now over?

It is important to get a feel for overnight trade being unwound into London’s morning fix. Many years ago, I did an exercise which assumed that every day the PM fix was shorted, and the position bought back the following morning at the AM fix. As a trade it was extraordinarily profitable. The reason was that the bullion banks received orders from mines …