ANZ on the gold fall - ''appears to have been a short lived bout of profit taking"

I posted on UBS re gold a little earlier:

• UBS says gold will shake off its drop, heading to $2,300

Just scanning a summary note from ANZ which has this on gold (brief comments):

• geopolitical tensions, combined with a weaker USD helped propel gold back above US2,000/oz.
• Negotiations between the Democrats and the White House regarding a much needed economic relief package remain deadlocked, raising concerns that the economy will continue to regain any momentum.
• The precious metals had been under pressure, with a rise in bond yields sparking a selloff. That appears to have been a short lived bout of profit taking, with investor demand rebounding strongly.

Oh, just a quickie remark from me on the

• Negotiations ... regarding a much needed economic relief package remain deadlocked

A reminder once again the upper house of the US Congress is not even sitting, they are on holidays and not back until next month. There will (cannot) be a new package from Congress while the Senators are sunning themselves at the seaside.

A golden oldie:

Those same geopolitical tensions, combined with a weaker USD helped propel gold back above US2,000/oz. Negotiations between the Democrats and the White House regarding a much needed economic relief package remain deadlocked, raising concerns that the economy will continue to regain any momentum. The precious metals had been under pressure, with a rise in bond yields sparking a selloff. That appears to have been a short lived bout of profit taking, with investor demand rebounding strongly.

A golden oldie: