As pictures of queues outside gold stores flooded social media over the past month, professional precious metals traders were getting increasingly nervous.
Gold is “an overcrowded trade that’s overextended by every technical metric,” Nicky Shiels, head of research at precious metals refiner MKS Pamp SA, wrote to clients on Oct. 6. On Monday, as prices soared to new record highs near $4,400 an ounce, Marc Loeffert, a trader at Heraeus Precious Metals, warned that the metal was “getting even more overbought.”
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