Gold ETFs Plunge but Tom Essaye Says It’s Just a ‘Bump in the Road’
Sevens Report’s Tom Essaye and major banks maintain bullish long-term outlook despite sharp correction.
Gold ETFs Suffer a Rout Over Past Two Days: Buy the Dip
Gold prices suffered their steepest two-day decline in years, with the SPDR Gold Trust (GLD) down nearly 7% as easing U.S.-China trade tensions and a stronger dollar triggered profit-taking. However, analysts say the drop is likely temporary. Tom Essaye of Sevens Report Research told Yahoo Finance the pullback is “just a bump in the road,” noting that high inflation, low real yields, geopolitical risks, and a potential U.S. government shutdown remain strong tailwinds. Bank of America and Goldman Sachs both reaffirmed bullish targets, with BofA eyeing $6,000 per ounce by mid-2026 and Goldman forecasting $4,900 by late 2026.
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