AngloGold Ashanti downgraded to Reduce at HSBC as gold trade ‘looks crowded’

As previously reported, HSBC downgraded AngloGold Ashanti (AU) to Reduce from Hold with a $35 price target The firm thinks South African gold miners’ stocks are pricing in higher-for-longer gold prices, above spot in some cases, but argues that risks look skewed to the downside from current levels as it thinks the “safe-haven” gold trade “looks crowded” given gold’s rally to all-time-highs.