He who trims himself to suit everyone will soon whittle himself away.
Raymond Hull
Gold has closed above $1230 and indicating that a bottom is in or that one is close at hand. The trend has turned neutral from negative thus giving Gold a much-neededboost to potentially test the $1350 ranges. India however, dealt the gold markets a negative blow by maintain the tax on Gold and suggesting that they would increase it slightly. This development could be overshadowed by a more positive development that concerns central bankers. Central bankers overall have been purchasing Gold rather aggressively over the past 24 months. However, the biggest buyers are not from thewest; they are Russia, China and Kazakhstan. Central bankers in the West are embracing negative interest rates with open arms.
This post was published at GoldSeek on 10 March 2016.
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