Gold ‘wealth shock’ delays gold bull market, Goldman revises targets

Bloomberg/Ranjeetha Pakiam/6-14-2022graphic image of gold bars in herringbone design rotated vertically

“Gold has been hit by a large ‘wealth shock’ on the back of a weaker yuan following the economic impact of the lockdowns in China, the world’s largest consumer, according to Goldman Sachs Group Inc., which revised its price targets. Still, the worst may be over, it added.”

USAGOLD note: Goldman offers its take on what’s holding gold down adding that the “negative wealth effect” has led to liquidation in the gold futures and ETF markets. “We view current gold weakness,” it concludes, “as a good entry point.”

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