Gold has fallen below $1,700 an ounce, down from $1,800 last month and last autumn's record highs above $1,900. It has been under pressure lately because confidence in the American economy, and hence the dollar, has risen, while fears over Europe have subsided.
But the gold bull run that began a decade ago "remains intact", says Frank Holmes on Mineweb.co.za. As far as the euro crisis is concerned, the problem hasn't been solved, says George Magnus of UBS. It has merely been "put to rest for a time" by the European Central Bank's liquidity injections. The prospect of peripheral defaults threatening the financial system remains.
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