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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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In The News Today « Jim Sinclair's Mineset

In The News Today « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

Why Corporations Should Get Out of Cash, and Into Gold.

By Drew Mason

 

"While gold bulls may be an endangered species among traders today, five developments have occurred since the start of the year that may pressure gold and silver prices higher. These are: 1) the Federal Reserve’s commitment to maintain negative real interest rates through 2014, 2) the Fed’s admission that it is abandoning its dual mandate and now embraces “more than 2%” inflation, 3) recurring reports that nations previously considered to be U.S. allies are breaking from American-friendly ranks to buy Iranian oil using gold instead of dollars, 4) for the first time in years a public miner, Endeavor Silver, announced it will withhold the majority of its production because it feels gold and silver prices are too low, and 5) gold bullishness is near five year lows as measured by U.S. Mint demand.

 

"Against this backdrop consider that global allocations to physical metals are essentially zero. How can this be? Virtually every study of global wealth concludes gold is approximately 1% of assets despite the very positive macro backdrop..."

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Billionaire Hugo Salinas Price - World May Go Down in Flames

Billionaire Hugo Salinas Price - World May Go Down in Flames | Gold and What Moves it. | Scoop.it

Today multi-billionaire Hugo Salinas Price told King World News a complete catastrophe is unfolding in Europe. He also called Fed Chairman Bernanke “a vampire” and urged people to hold gold and silver because they will be the last things standing. But first, Salinas Price warned about the serious dangers we are facing: “I think that unless we see legislation, somewhere, that is rational and recognizes that gold and silver are really different forms of money, and that this whole scheme of paper is unworkable, then the world is going to go down in flames. The only thing that would last will be people’s savings of gold and silver.”

 

“But what kind of a world that will be? I think it will be a very nasty world. In spite of having gold and silver, that may not be enough to save you. They’re good things to have, but what we actually need to do is save our civilization and not go down in flames.

 

"I think the first thing to do would be to insert silver coins into the monetary system. That would be a healthy thing to do. I was very happy to see Ron Paul pull out a silver coin. To me it’s like he was facing the vampire Ben Bernanke with a silver coin, instead of a silver bullet...”

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Passaic, N.J. Considers Charging For Emergency Calls

Passaic, N.J. Considers Charging For Emergency Calls | Gold and What Moves it. | Scoop.it

PASSAIC, NJ (CBSNewYork) – When emergency crews respond to a car or building fire in Passaic, a bill might soon be sent out.

 

When the Passaic City Council meets next Tuesday, Mayor Alex Blanco said what they will not decide to do is levy fees against people in car accidents or building owners whose structures catch fire.

What they will do is go after the insurance companies.

 

“If you are a policy owner, you are already paying for it — this fire department service charge provision,” the mayor told WCBS 880 reporter Levon Putney on Friday.

 

He said the fees would only be applied if claims are made, and no fees would be levied for those without insurance.

 

There would be a $1,000 fee to respond to fires in buildings over four stories high. Single, two, and three-family homes would be exempt.

As for car fires, auto insurance would be billed $600.

 

{Expect more of this throughout the nation}

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Biden: "We Want To Create A Global Minimum Tax" | RealClearPolitics

"We want to create (what's called) a global minimum tax, because American taxpayers shouldn't be providing a larger subsidy for investing abroad than investing at home," Biden said at a campaign event."

 

{click through for the video}

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A Cashless Society May Be Closer Than Most People Would Ever Dare To Imagine

A Cashless Society May Be Closer Than Most People Would Ever Dare To Imagine | Gold and What Moves it. | Scoop.it

"Most people think of a cashless society as something that is way off in the distant future. Unfortunately, that is simply not the case. The truth is that a cashless society is much closer than most people would ever dare to imagine. To a large degree, the transition to a cashless society is being done voluntarily. Today, only 7 percent of all transactions in the United States are done with cash, and most of those transactions involve very small amounts of money. Just think about it for a moment. Where do you still use cash these days? If you buy a burger or if you purchase something at a flea market you will still use cash, but for any mid-size or large transaction the vast majority of people out there will use another form of payment. Our financial system is dramatically changing, and cash is rapidly becoming a thing of the past. We live in a digital world, and national governments and big banks are both encouraging the move away from paper currency and coins. But what would a cashless society mean for our future? Are there any dangers to such a system?..."

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Charles Hugh Smith: Welcome to the United States of Orwell, Part 4: "Consumer Protection" Just Another Federal Reserve Power Grab

Charles Hugh Smith: Welcome to the United States of Orwell, Part 4: "Consumer Protection" Just Another Federal Reserve Power Grab | Gold and What Moves it. | Scoop.it

From Charles Hugh Smith:

 

"How to mask yet another Federal Reserve power grab? Call it "consumer protection."

 

"This is truly Orwellian: the latest and greatest Executive Branch/Federal Reserve power grab is labeled "consumer protection." I am indebted to correspondent Jim S. who seems to be one of the few Americans to have actually sorted through this monstronsity and gleaned its true nature: an unprecedented extension of Executive (i.e. Imperial Presidency) and Federal Reserve power.

 

"Let's start by recalling that the Federal Reserve is a consortium of private banks.Calling a private consortium of banks the "Federal Reserve" is the original Orwellian misdirection, for there is nothing "Federal" about the Federal Reserve. It is not a government agency.

 

"Now guess who will fund and control this vast new bureaucracy of "consumer protection"? Yes, the private consortium known as the Federal Reserve. "TheConsumer Financial Protection Bureau (CFPB) will be an independent unit located inside and funded by the United States Federal Reserve. It will write and enforce bank rules, conduct bank examinations, monitor and report on markets, as well as collect and track consumer complaints."

 

{Click over for the rest in this good series.}

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Possible Opportunity in Gold Bullion Due to Indian Strike

Possible Opportunity in Gold Bullion Due to Indian Strike | Gold and What Moves it. | Scoop.it

"The Indian government has decided to double the import duty on gold bullion to four percent and enact a 0.3% tax on jewelry made from gold bullion starting in April. For over 11 days, the gold bullion retailers have been on strike and this is being felt in the price for gold bullion. While we did see a push higher in the price of gold bullion on hints last week by the Chairman of the Federal Reserve, Ben Bernanke, the long-term demand of Indian consumers is important in maintaining a stable price for gold bullion.

 

"While some estimate that gold bullion imports could fall over 20%, I think this might be an overly pessimistic viewpoint. With so much political pressure by the people of India, if we get a repeal of this tax policy, we would get a strong surge in the price of gold bullion. When so many people are moving in one direction, politicians will eventually listen.


"Indian people have long been consumers of gold bullion and will continue to do so for many decades. The good news is that, while gold bullion sales to India have almost stopped completely over the last couple of weeks, the price in spot gold bullion hasn’t moved that much at all. What this means is that there is a lot of underlying demand that has stepped up to fill those shoes. Once the Indian nation resumes its purchases of gold bullion, we could see a really strong move back up in price..."

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BOK’s Dollar Holdings Fell to 60.5% of FX Assets in 2011

BOK’s Dollar Holdings Fell to 60.5% of FX Assets in 2011 | Gold and What Moves it. | Scoop.it

Bloomberg by Eunkyung Seo:

 

"South Korea, Asia’s fourth-largest economy, pared the share of dollars in its foreign-exchange reserves to the lowest level since the global financial crisis erupted in 2007.

 

"Dollar holdings dropped to 60.5 percent of foreign- exchange reserves at the end of last year from 63.7 percent in 2010, the central bank said in its annual report for 2011 released today.

 

"The drop underscores a shift among reserve managers to diversify assets, with China’s yuan and Australia’s dollar among the beneficiaries. South Korea’s government earlier this year announced plans to invest in Chinese equities as well as bonds as the yuan’s international role increases.

 

“The move to diversify reserves away from U.S. dollars and the euro accelerated last year, largely on weaker fiscal fundamentals and subdued economic conditions in developed markets,” Wai Ho Leong, a senior regional economist at Barclays Capital in Singapore, said in an e-mail. “At the same time, it marked a move into gold, and bonds of stable emerging-market economies, particularly those with better longer-term prospects and currency appreciation potential...”

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Third Greece Bailout May Be Needed: Greece PM

Third Greece Bailout May Be Needed: Greece PM | Gold and What Moves it. | Scoop.it
Remember last month's €130 billion Greece bailout, the one that kept the world markets wildly gyrating as it was being negotiated and was eventually welcomed with violent riots in the streets of Athens?

 

"Turns out it may have been a prelude of what's to come.

 

"That's according to Prime Minister Lucas Papademos, who told an Italian business newspaper Friday a third bailout of his nation's faltering, heavily indebted economy might be necessary."

 

{I'm shocked. Shocked, I say!}

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The Full Math Behind The "Expanded" European Bailout Fund | ZeroHedge

The Full Math Behind The "Expanded" European Bailout Fund | ZeroHedge | Gold and What Moves it. | Scoop.it
As noted earlier, futures this morning are higher despite a plethora of economic misses (and despite 57% of March US data missing as per DB), simply on regurgitated headlines of an "expanded" European €7/800 billion bailout fund.
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The Golden Truth: Tick Tock

The Golden Truth: Tick Tock | Gold and What Moves it. | Scoop.it

From Dave in Denver:

 

"Central banks in the emerging markets increasing their holdings of gold has been a big part of the bull market in the metal. At the end of last year, official net purchases of gold started to rise dramatically. In the third quarter of 2011, central banks added 148.8 tonnes to their gold stocks, more than double the entire amount of government buying in 2010, according to the World Gold Council. Interestingly, the Greek central bank has been slowly adding to its holdings of gold, which would be sort of handy, should they happen to decide to re-introduce the drachmas one day"

 

"That quote is from Matthew Lynn, a London-based financial journalist. Here's the LINK from Marketwatch.com. The thesis of the article is based on comments from British Chancellor George Osborne, who stated the Britain needed to increase its "reserves," meaning that the Bank of England needs to begin stockpiling gold.

 

"I bring this up because emerging market country Central Banks have been accumulating gold aggressively since 2010. Not GLD, but physical gold sourced mainly in London and then - in many cases - delivered to facilities in the buying country. The article linked cites the amount that has been reported to be purchased, but many of us who study this market strongly believe that countries like China have purposely understated the amount actually stockpiled. It certainly wouldn't be the only case where a Government lies about economic/monetary numbers...

 

"Now England is talking about accumulating physical gold. At some point the ability of the paper fiat futures market to control the short term price of gold and silver will be eliminated by the sheer demand for physical gold/silver that is purchased and required to be physically delivered outside of New York/London bullion bank depositories. These depositories, by the way, happen to be owned by the same bullion banks who make up by far the largest percentage of short interest open interest in New York Comex gold/silver futures and London forwards..."

 

{Click over for his reason for the title "Tick Tock"}

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From Ed Steer's Gold & Silver Daily

From Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

"As I mentioned at the top of this column, yesterday was the last trading day in the March contract...and today was First Day Notice for delivery into the April contract. All precious metals are now trading the new front months...which is May for silver and June for gold.

 

"And as you can tell, JPMorgan et al took one more chunk out of gold and silver yesterday. I'm only guessing, but it's my opinion that the rallies off the lows on Thursday were of the short-covering variety. It remains to be seen how prices will be allowed to unfold during April now that March trading is done with..."

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BRICS Nations Talk Tough To West, Start Rival Development Bank

BRICS Nations Talk Tough To West, Start Rival Development Bank | Gold and What Moves it. | Scoop.it

"The leaders of Brazil, Russia, India, China and South Africa, meeting in New Delhi on Thursday, drafted a joint statement lambasting the West's "aggressive monetary policies" and dominance of global institutions.

 

"Collectively known as the BRICS, the heads of the world's five largest emerging economies also took steps at the fourth annual summit toward greater unity and launched a proposal to create a financial institution that could eventually rival the World Bank. At the one-day summit, leaders also signed two agreements to enhance trade ties.

 

"In a joint statement, the BRICS also labelled bank loans, bond buying and quantitative easing measures by America and Europe in the wake of the global financial crisis "aggressive policy actions" that have flooded the developing world with excess liquidity.

 

"In a further criticism of the West's dominance of global institutions, Indian Prime Minister Manmohan Singh called on the BRICS nations to unite over reform of the United Nations Security Council..."

 

{The Currency War is in full swing.}

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Mohammed Abdullahi Shettima's curator insight, August 20, 2013 5:41 AM

The Down fall of the Bretton Woods Intitutions is jst around the edge.

 

A new wave of Freedom to the Developing Countries of the World!

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Endeavor Silver Explains Support for Sprott's Call to Treat Metal as Money - Ed Steer's Gold & Silver Daily

Endeavor Silver Explains Support for Sprott's Call to Treat Metal as Money - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ted Butler quoted on Ed Steer's Gold and Silver Daily:

 

"The bottom line is that the COT structures in gold and silver are still favorable. Can the commercials still collusively rig prices lower? Of course, they can, but that will only make the set up better. In COT terms, there is much more price room to the upside versus the downside. An added takeaway is the hint of a possible very sharp rally given how quick and forceful some technical traders entered the long side of the gold market on Monday’s [March 26th] rally. I would look at that as a harbinger of what may come, namely, strong technical-type buying once the moving averages are penetrated to the upside in gold and silver. At that point, it will become a question of how aggressively and manipulatively the commercials will be selling. Just make no mistake - this paper trading on the COMEX is the sole determinant of short term price movement. This is price setting, pure and simple. This is also about as far removed from the price discovery function of futures markets intended under commodity law as can be imagined."

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Richard Russell - Hang on to Gold, Massive Collapse Coming

Richard Russell - Hang on to Gold, Massive Collapse Coming | Gold and What Moves it. | Scoop.it

Richard Russell tells King World News:

 

"As for gold, I have a long-term position in the yellow metal that I will probably never exit or sell. My thinking is that sooner or later we will be subject to a major correction (bear market) that will wipe out or correct 60 years of inflation and leveraging. When that happens, I want to own the only kind of money that the Fed can't destroy.

 

"When the big deflation and deleveraging arrives, I see the Fed trying to halt it with QE3 and QE4 and QE5. Why do I say that? Because that's the way the Fed thinks, and that's what the Fed does. They did it in 2007 and 2008, and we know that the current Fed head will not tolerate contraction, and has a record to prove it.”

 

{Click over and read the full interview. It's worth it.}

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Real Time Gold Prices | Exact Price of Gold | Lear Capital

Real Time Gold Prices | Exact Price of Gold | Lear Capital | Gold and What Moves it. | Scoop.it
Get real time gold prices updates even when you're on the move. Keep abreast of the precious metal market price with Lear Capital.

 

Gold's actions are too me starting to look a bit bullish. In part that's because it's been in an over sold position now for a bit. Most of March.

 

I think one of the biggest things for me is the SWIFT news on Iran and the BRIC's with their move this week which puts further pressure on the dollar and its dominance. More nations are making moves away from the US dollar and her debt so this bears watching closely.

 

So, be sure to track the action next week. Get the free Adobe Air widget Exact Price and it'll sit on your desktop and keep you up to date throughout the day.

 

http://www.learcapital.com/exactprice

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Ben Bernanke Considers Your Happiness and Security Expendable

Ben Bernanke Considers Your Happiness and Security Expendable | Gold and What Moves it. | Scoop.it

"We think it’s fair to say that Ben Bernanke is willing to destroy the economy and your standard of living.

 

"We don’t know if he’s part of a deliberate coordinated effort to transfer your wealth to the political and banking elite…if he does what he does knowing full well the destruction he’s causing.

 

"Or maybe he just has a head full of bad ideas. Like a medieval “scientist” whose considerable knowledge all rests on the faulty premise of geocentricity.

 

"No matter what Bernanke says, no matter how much the masses put their faith in his words, low interest rates and unbacked money creation cannot cause economic growth. Not the sustainable kind anyway.

 

"All this interest rate manipulation causes are distortions. It may seem to create wealth and the appearance of economic vitality. But that activity is just misallocation of resources. And the misallocations will correct themselves soon enough. These corrections are attended by the disappearance of jobs in industries that should never have flourished (remember, these were misallocations)."

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Could This Emerging Financial Alliance Kill the U.S. Dollar? | Uncommon Wisdom Daily

Could This Emerging Financial Alliance Kill the U.S. Dollar? | Uncommon Wisdom Daily | Gold and What Moves it. | Scoop.it

{More following the Currency War shot heard round the world}

 

By Rudy Martin:

 

"A world-shaking event occurred this week in the global financial arena, and its impact will be felt for years to come. It will yank the wind straight out of the U.S. dollar’s sails and force a fundamental de-valuation of assets down to emerging-market levels.

 

"Five leading nations — Brazil, Russia, India, China and South Africa — are starting their own financial system with a development bank funded exclusively by their nations.

 

"They aim to establish an easy convertibility of currency (the real, ruble, rupee, renminbi and rand, respectively) and a focus on building long-term business relationships among themselves.

 

"This isn’t just some emerging-market version of the euro zone. These up-and-coming economic leaders are opening the doors of opportunity for emerging-market companies that are positioned to challenge the global giants in their respective industries.

 

"As an investor, you can’t afford to ignore this friendly meeting of the BRICS. (Note the fairly recent addition of the “S” with South Africa.) Here are three reasons why these countries are banking on a declining U.S. dollar and lessening U.S. influence … and why it may benefit you to do the same in the very near future!..."

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Stormtroopin' USA | Richard Mills | Safehaven.com

Stormtroopin' USA | Richard Mills | Safehaven.com | Gold and What Moves it. | Scoop.it

"As a general rule the most successful man in life is the man who has the best information

 

"No term generates more confusion or misunderstanding than fascism, too many people believe that fascism exists solely in images on the History Channel - storm troopers pounding thundering jackboots down cobblestone streets of occupied countries while throwing up the Roman salute. But fascism is not defined by clothing, symbolism or salutes.

 

"Fascism is a totalitarian system of government that bases its economy on capitalism, it's a marriage of government authority and military/police power managed by corporate influence.

 

"The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it comes stronger than their democratic state itself. That, in its essence, is fascism - ownership of government by an individual, by a group." Franklin D. Roosevelt

 

"Consider the following, all are characteristics of fascism:

 

"A dictatorial ruling cabal runs the country

 

"The military is increasingly being used to control the civilian population..."

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It is hard not to be optimistic about the future price of gold

"The rising middle class in the BRIC countries or emerging market economies have increased the demand for gold as an expression of their wealth status. The CBS ‘Sixty Minutes’ programme early this year analysed weddings ceremonies in India being made prominent with the large display of gold jewellery by both bride and groom. China, especially Hong Kong, boasts of some of the world’s finest fashionable jewellery stores with designs that are in world demand. Persons who had stored up their wealth in jewellery would gain more in real value terms than if the corresponding investments were made on financial products in Wall Street during the last decade...

 

"...The prominent benchmark for the price of gold has been the London Gold Fixing that meets twice daily via teleconferencing, representing five bullion trading firms of the London Bullion Market. The last meeting of the London Bullion Market Association (LBMA) was very optimistic about the future price of gold. The weakness of the major reserve currencies, the dollar and the euro, means that central banks will continue to trust gold since it is nobody’s liability. The worst is that when large savers like pension funds, health funds, etc, try to find safe haven for their money they face daily headlines like bank bailouts, sovereign debt crises or another recession; given the onslaught on their capital during the financial crisis these fund managers will be risk averse to bet on a commodity such as gold.

 

"There are numerous examples of gold regaining it role as a medium of exchange, for instance the Austrian Raiffisen Zentral Bank now offers clients gold based accounts. SWIFT international payments messaging system now allows payment via gold. Very soon there will be a gold money market and a gold bond market..."

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Norway's sovereign wealth fund to reduce European exposure | Gold Anti-Trust Action Committee

Norway's sovereign wealth fund to reduce European exposure | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"Norway's $610 billion sovereign wealth fund, Europe's biggest equity investor, plans to sharply reduce its European exposure while raising investments in emerging markets and Asia-Pacific, the finance ministry said on Friday.


"Of its entire bond, fixed income and real estate portfolio, European investments will be "gradually" reduced to 41 percent from 54 percent, while Asia-Pacific's share will rise to 19 percent from 11 percent, Finance Minister Sigbjoern Johnsen told a news conference.

 

"We're reducing our European exposure because we see that economic development in the global economy is changing and this should also be reflected in our investment strategy," Johnsen said. "Most likely we'll have to sell some assets in Europe."

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Gold Rises And Silver Surges In Q1 2012 - Fiat Currency Devaluation Continues | ZeroHedge

Gold Rises And Silver Surges In Q1 2012 - Fiat Currency Devaluation Continues | ZeroHedge | Gold and What Moves it. | Scoop.it

"Nothing has been solved with regard to the European debt crisis, and debt crises in Japan, the UK and the US now loom.

 

"The misguided panacea of heaping debt upon debt and shifting debt onto government balance sheets, debt monetisation and currency debasement is leading to continuing currency devaluations internationally.

 

"Despite this or maybe because of this - risk appetite returned with a vengeance as evidenced in equities internationally rising to multi-month and multi-year highs and the slight weakness in gold in March.

 

"So far in 2012, gold has performed well and is set to end the first quarter in 2012 with gains in all major currencies.

 

"Gold is 6.3% higher in US dollars, 3.2% higher in euros, 3.1% higher in pounds, 2.25% higher in Swiss francs and 12% higher in Japanese yen which fell sharply in the quarter..."

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Fractal analysis: 2012 silver to $70++ this year, $500 by end of silver bull

Fractal analysis: 2012 silver to $70++ this year, $500 by end of silver bull | Gold and What Moves it. | Scoop.it

"Technical fractal analysis interpretation suggests that the silver price will hit around $70 this year and as QE to infinity kicks in as Jim Sinclair predicts, could eventually reach $500 before the silver bull run is over."

 

{That would be something to see, and profit from if it happens and you own silver.}

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James Turk - Quiet Gold Market Masks Important Development

James Turk - Quiet Gold Market Masks Important Development | Gold and What Moves it. | Scoop.it

James Turk tells King World News:

 

"...this quiet we are seeing masks an important development. Almost every day for the past couple of weeks gold and silver have tested critical support, which is $1650 for gold and $32 for silver. And every time the precious metals dipped below these price levels, they bounced back. One can only conclude that support at these levels is solid.

 

"Last Friday's close above critical support levels was particularly important. The day traders and scalpers -- which are active traders in the paper markets -- rarely carry positions over the weekend...."

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'Temporary' gold demand drop could bounce back with a bang

"Over the last week we have watched the gold and silver prices move almost alongside the euro. Again there is no rhyme or reason gold should be linked to the fortunes of the euro. What we do ascertain is that short-term traders are dominating the gold price alongside investors in gold Exchange Traded Funds. The small tonnages being moved appear to be complimenting the ETF sales of gold. The Indian jeweler's strike continues to lessen the day-to-day demand for gold and reports indicate that central bank buying has been subdued of late.

 

"We are also led to believe that this drop in demand from these sources is temporary and will return. In India, in particular, the demand level will return with a bang once the jeweler's strike is over.

 

"Looking above at the long-term scene the fundamentals for gold remain intact and in themselves point to a jump in demand in the short to medium term. The prime reason for this is that the measures being taken to calm financial markets are temporary and not structural..."

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