Angelos Damaskos, manager of the Junior Gold fund at Sector Investment Managers, says the gold recovery could be just as sharp and significant as its recent fall.
For the last 93 weeks, gold has been in one of the longest and deepest downturns of the last 20 years, losing 37% of its value after reaching an all time high of $1,927/oz in September 2011. This move was much steeper and longer than the previous three major corrections in gold’s 12-year bull market. It has certainly unnerved most investors who believe in the safe-haven value of the metal. The gold price fell dramatically in June, when Federal Reserve chairman Ben Bernanke announced that it may start withdrawing from some of the quantitative easing programme as early as this year. ...
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