Citi sticks with 'short gold' as appropriate pain trade over medium-term
Polymetal International
215.00p
16:35 31/07/23
0.00%
0.00p
Analysts at Citi still think short gold is the appropriate 'pain trade' over the medium-term, despite "tangible" upside risks to their fourth quarter 2021 average spot price forecast of $1,700/oz..
Centamin (DI)
150.50p
17:15 06/11/24
-1.63%
-2.50p
Fresnillo
699.00p
17:15 06/11/24
-3.92%
-28.50p
FTSE 100
8,166.68
17:00 06/11/24
n/a
n/a
FTSE 250
20,446.70
17:04 06/11/24
n/a
n/a
FTSE 350
4,502.41
17:04 06/11/24
n/a
n/a
FTSE All-Share
4,460.03
17:14 06/11/24
n/a
n/a
Hochschild Mining
234.00p
16:40 06/11/24
-0.85%
-2.00p
Mining
11,492.88
17:04 06/11/24
-2.32%
-273.47
Citi defined medium-term as being the back half of 2022 and 2023.
In their opinion, that was exactly what financial outflows were signalling, notwithstanding the stabilisation in prices between $1,750-1,800/oz. seen quarter-to-date.
Among the factors that might lie behind weaker bullish sentiment towards, particularly versus 2019 and 2020, were the bottoming of TIPS yields in the belly of the curve, more aggressive Fed pricing in STIR markets coupled with a stronger US dollar and inflows into crypto assets.