Gold steadied around $1,000 an ounce today as investors waiting to see how big today’s widely anticipated US rate cuts would be.

According to Reuters: “Gold hit a low of $994 an ounce before rebounding to$1,002.50/1,003.20 an ounce, up from $1,001.00/1,001.80 late in New York.”

Yesterday, the precious metal hit a high of $1,030.80 an ounce before profit taking reduced most of the gains.

“Historically, I have found that gold shares are susceptible to market declines,” says Ed Bugos, “except occasionally during a major bull market advance in gold, when they tend toward counter-cyclicality – the more so as the bull market progresses.

“They will still fall during stock market panics, as all shares do, but they are likely to come back harder and hold their trends better. Still, since 2004, I’ve held the position that, as an asset class, gold shares would not outperform gold prices for the remainder of the primary leg.