Traders Warn as Gold Hits Record Highs | JQJO

Images of long queues outside gold stores flooded social media over the past month, and professional metals traders grew increasingly uneasy. On Oct. 6, Nicky Shiels, head of research at MKS Pamp SA, told clients gold is “an overcrowded trade that’s overextended by every technical metric.” On Monday, as prices hit new record highs near $4,400 an ounce, Heraeus Precious Metals trader Marc Loeffert warned the metal was “getting even more overbought.”