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Gold has come to a sudden stop, long positions have drastically decreased, and analysts warn that the trend has diverged from the fundamentals.
Barclays strategist Stefano Pascale stated that the surge in Gold Call Options after Trump's tariffs, leading to an inverted skew indicator, coupled with a sharp reduction in hedge fund long positions and the recent pullback in Gold prices, are all reasons to adopt a cautious outlook on Gold prices in the short term. The movement of Gold has already "decoupled" from the "fundamental drivers" such as the US dollar and real interest rates.
Betting on Gold for 15 years, Paulson achieved great success; he did not buy gold bars, but instead bought gold mines.
As early as when gold prices were around $900 per ounce, Paulson heavily bought gold mining stocks, including Perpetua Resources, Agnico Eagle Mines, and International Tower Hill Mines, among which several saw an increase of over 30% last year. Paulson believes that as gold prices rise, the profits of mining companies will multiply, and mining costs are relatively fixed, so even if gold prices adjust, there will still be room for profits.
