GOLDBUGS AMEX Goldbugs Index (GOLD)

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- Tom Fitzpatrick, chief technical analyst at Citigroup, says gold’s drop is “not unprecedented”, i.e., that it compares to the drop in the mid-1970s and that it is headed for $3400 per ounce. He adds that the correction is healthy and that central banks and sovereign wealth are likely to take advantage of the lower prices. He concludes that investors should be buying this dip.