The gold price declined from its recent all-time highs this week, sinking to nearly US$4,000 per ounce and recording its biggest one-day decline in more than 12 years. Silver took a similar hit, slipping back below the US$50 per ounce level. The drops have been attributed to factors like a stronger US dollar and lower US-China tensions, as well as profit taking, potentially from traders who are new to the market. Many experts have been anticipating a correction for the metals — their latest rise has been quick, and no asset can go straight up forever. However, there’s also a broad consensus that gold has entered a new phase. For example, Patrick Tuohy of Goldstrom believes gold won’t fall below US$3,000 again. Here’s what Tuohy said: ‘Is this a short-term phenomenon that’s going to have some some dynamics that are going to turn it on its head and it reverses…
