The summer is sure to be unkind to the price of gold, according to RBC Dominion Securities, which is predicting a sharp correction before bullion makes another charge toward $1,000 (U.S.) an ounce in the fall.
RBC is advising clients to take profits in gold and gold equities in the short term as the "summer doldrums" are just around the corner.
Citing historical price patterns, the brokerage believes that the summer will present a strong buying opportunity for gold and gold stocks as the commodity is expected to rebound in September and October.
"I've never seen the gold price strong in the summer," Mike Curran, an RBC precious metals analyst based in Toronto, said in an interview.
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