Gold meltdown comes with a currency chaser

The gold price is continuing to melt, but there may be some exchange rate upside for local investors.

On cue, for Eureka Report readers at least, a major correction in the gold price has started with an expectation that it will fall much further as support for the metal dries up, major holders cut their exposure, and investors rotate out of low-yield safety assets into higher-yield riskier assets.

How far gold will drop is a guessing game, though Japan’s Nomura Securities is forecasting $US1025 an ounce in the next six months, down 35% on its latest price of $US1581/oz.

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