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Bloomberg Intelligence says the gold bull market is back following a period of resetting at the start of this year, noting that crude oil prices are looking increasingly likely to fall back, putting gold back in the hot seat.

Mike McGlone, Bloomberg Intelligence’s senior commodity strategist said, “Probabilities are rising that the bounce in crude oil is done, with what we see as implications for a return to more-enduring upward trajectories in gold… With elevated energy and depressed metals prices at the end of March, probabilities again lean toward the longer-term trends of advancing gold vs. declining crude.”

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