SubscribeClues to the Direction of Gold Prices
March 5, 2010
Two weeks after the IMF said it would sell 191 tonnes of gold, prices are up over $20/oz. on speculations that China would be the buyer. A week later, a researcher from a think tank under China's central bank emphasized China's need to invest in gold over the long term, but neglected to comment on the speculations. A mere coincidence?
Here's another one: the IMF's announcement came just a day after the World Gold Council (WGC) sighted an 85% increase in gold ETF demand in 2009 over 2008.
How convenient that billionaire investor, George Soros recently revealed that he had increased his stake in GLD (gold ETF) by over 150%, after calling gold the "the ultimate asset bubble."
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Precious Metals Downtrend Shows Signs of a Reversal
Feb. 23, 2010
A multi-month downtrend in precious metals is finally showing signs of reversing after coinciding with the following events:
- A credit crisis has hit Dubai, one of the world's top investment destinations, causing a real estate bust, job losses, and lower foreign direct investment inflows.
- As bank lending swelled by 32% in 2009 and contributed to massive inflation and real estate bubbles, Chinese banking authorities moved to Curb domestic bank lending.
- Concerns over Greece's debt (which is, by the way, less as a percentage of GDP than Italy's) provokes European Commission scrutiny.
Once again, the same analysts who have been telling us to sell since 2001, even though gold has climbed each year since, are at it again. Bob Prechter (Elliott Wave Theory) recently called for a 40% further decline in gold prices on TV--somehow the media continues to cover him even though his bearish long term predictions have been wrong year after year (you'll recall that he told us to sell gold last summer, right before the historic climb to $1226/oz.). He and others just don't understand the fundamentals of a long term bull market.
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Clues to the Direction of Gold Prices
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