The price of gold dropped to less than $4,000 an ounce during the week and is now trading in a narrow range from $3,990 to $4,050. This current price is a far cry from the $5,600 high the precious metal reached at the start of the year. Investors holding gold in their portfolios may now be wondering: should they be concerned about further retraction?
From the discussion above, you can see that while the current situation may be uncomfortable, it shouldn’t cause alarm. That said, prices can still swing in a big way in either direction, so keep your ears on the ground to assess any developments that arise. Gold industry players like Collective Mining Ltd. (NYSE American: CNL) (TSX: CNL) are keeping close tabs on the situation, and so…
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