The gold trade has been among the most crowded on the board as investors look for a safe-haven amid extraordinarily uncertain times. Whether or not gold is a bubble is too soon to say but it clearly is attracting investment via ETFs from a new class of investor who is likely not used to the volatility inherent in commodity markets. Newbies are getting a lesson today as the yellow metal pulls back about $75 from its recent highs above $1000.
Support for gold is at $931, a level we came close to just moments ago,
Should the dollar maintain its momentum today, look for gold to give that level a go.
