According to the World Gold Council, domestic demand for gold bars and coins tends to rise modestly under Democratic administrations.
Many of these companies have already made massive cash commitments for buildouts that require full cash-outs, even if they never complete construction or produce any significant services.
African Business Insider reports that the new refinery is expected to “capture more value from its gold production, formalize small-scale mining, and diversify its mineral exports.”
A 50% retracement of an enormous move is common for gold. In the current situation, a retracement of the move from $2000 to $5600 would put gold at about $3800.
Ira Epstein discusses the current state of the metals market, noting that gold has rebounded from the $4,000 level, while silver remains unimpressive and copper is resisting staying below $640.