I could never get over the nagging suspicion that he was the mouthpiece for some very large something with ''interests''
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I wonder where the stops are hiding?
Above $1210 I would suggest, although I saw $1207 as support on the way down as well, so probably some stops from there up.
Gold is going to spike imo.
This is beautiful to watch. ;-)
A HC poster just reminded me that its the Indian budget setting over the weekend coming.
Some expect the gold import duty to be reduced by either 2% & graduated down or removed completely due to the BOP improving because of the drop in oil import costs. Either way I would expect buying would have been put off just in case & stocks would have been run down & restocking is likely to happen post the budget either way. This is what happened the last time the duty was up for review & all they changed was the re-export quota of 20% & buying surged no matter what.
Another reasonable session for gold overnight.
Tried to get long at $1201 but it never got there.
Loaded up with gold stocks anyway as I suspect this week we see gold break $1220 with the Chinese back in full swing & Indian post budget buying.
Indian budget out & no change to gold tariffs. Announced new program of gold bank accounts to monetize gold that is mostly worn by woman or hoarded. Its an attempt to modernize the economy & get wealth put to better use & investment etc. Its been tried before & failed, so it will be interesting if it works this time. Obviously if it does work in any scale its a long term negative for gold. Major hurdles are cultural but also the fact that 75% of villages don't have a local bank branch ! I would also suspect tax could be another reason to avoid becoming pat of the 'system'.
Very short term, we should see a pick up in buying now the budget is out of the way.
Gold has broken $1220 & looking strong in the Asian session.
This is the start of gold's bounce back imo.
Couldn't get set in gold, so bought the wicked mistress silver instead.
I hope she treats me nice.
Absolutely loaded up in gold stocks.
RSG, EVN, BDR & now HAV.
I think there is going to be some fun! :t_up:
hi Daytr, gold is looking strong, picked up a few more of EVN. Their partner may have sold a bundle for their own reasons but EVN are still paying a divi and POG is still strong in $AU.
We saw the highs in Asia & gold has given up $18 since then after equities rallied strongly. Should see some good buying again today in the Asian session.