April Through September is Historically A Weak Period For Gold And Gold Equities
RBC Capital Markets has a research piece on the poor returns that gold and gold stocks generally offer during the summer months.
Why is Gold Weaker? – in our view, the weakness in gold bullion is mainly due to depressed activity in the physical market for gold in the summer months, as global jewellery manufacturers are typically not very active during the period.
While we do not view the fabrication demand for gold to make jewellery as a driver for increased gold prices, we do view the lack of a supporting market for physical gold as a hindrance to significant positive moves in the gold price by investment and/or speculative demand.