from Gold Core:
Gold has all the hallmarks of a market that is engaged in a long process of bottoming.
Much of the weak hands have been washed out of the market with us and many bullion dealers internationally are seeing renewed selling of bullion this week after gold fell below $1,200 again. This is especially the case among small retail investors who are nervous about further price falls and capital losses. Some high net worth clients continue to dollar cost average into gold and silver bullion due to the quite strong fundamentals.
Sentiment in general remains poor and all the focus is on gold’s weakness in dollar terms, despite gold’s strong gains in euro terms in 2014 and so far in 2015. Poor sentiment is of course bullish from a contrarian perspective and suggests all the froth has been washed out of the gold market.
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