Jonathan Wellum: Why I Don’t Worry About Gold Dips #gold #goldinvesting #goldprice #preciousmetals

Jonathan Wellum argues gold’s recent pullback is healthy after a very strong two-year rally, saying the market needed a natural consolidation after January’s “breakaway” move higher. His core message is that he is not worried about near-term dips because he is looking at a 3- to 5-year horizon and believes the long-term fundamentals remain intact. He also points to liquidity-driven selling as a key reason gold can be volatile, citing Turkey as an example of a seller that may have needed capital and therefore sold roughly 40-60 tonnes. In his view, gold remains a liquid asset people can access when they need cash, which can create sharp moves that are not necessarily tied to the long-term investment case. For traders, the takeaway is that this is a bullish long-term framing but not a short-term timing call: Wellum sees pullbacks as normal after an outsized rally and implies dips should be treated as part of an ongoing uptrend rather than a trend break. Near-term price action may still be driven by liquidity events and investor psychology, with the risk that gold can underperform when it is most widely expected to continue higher.