A firm USD and long liquidation put gold under more selling pressure yesterday. More selling is seen this morning in Far East and if USD conitinues its upward move, we could see more selling today. Physical demand for bars and coins in Europe has increased since gold broke $ 1700. In India gold sales jumped 30 % since September. Investment demand for bars has risen, jewelry demand seems subdued. Total imports for this year are estimated at 800-850 tons compared to 950 tons in 2010.
No policy changes are expected to come out of todays FOMC meeting.
Great post about gold, at this time Gold has been advancing for over 10 years now, from a low of $252 per ounce in 1999 to where it sits today at $1,755, which is a gain of over 595%. With gold at unprecedented levels (previous bull market high was $850/oz) is it any wonder why someone would question starting to acquire gold?
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