An overnight piece from Bloomberg on gold, Deutsche Bank very bearish on it
Comments from Deutsche Bank Chief Global Strategist Binky Chadha, says:
- "Positioning is very, very long"
- "The way we think about it is, gold looks to be 20 to 25 percent overvalued"
Chadha cites:
- Mounting expectations for a rate hike from the Federal Reserve in December
- Stronger dollar
- And, even more importantly, a recovery in global growth ... "I would argue it's more likely a tick-up in U.S. growth on which we remain constructive and therefore global growth"
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We should probably take the view from DB seriously. I mean, who else but DB is so eminent an authority on a price crash?
AmIright?
(OK, off to the naughty corner for me)
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Gold, daily:
