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Gold Buying “Enjoying Popularity Again” Despite Indian Monsoon Worries, But Overall Market “Lacks Conviction”
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
goldnews.bullionvault.com / By Ben Traynor / August 7, 2012
Wholesale market prices for Buying Gold rose to $1616 per ounce Tuesday morning in London, their highest level so far this week, as commodity prices and stocks markets also edged higher, with the exception of the FTSE which was hit by allegations that one London-listed bank has hidden “secret transactions” from US regulators.
“Gold appears to be enjoying increasing popularity again,” says Commerzbank’sCommodities Daily note.
“There would appear to be brisk buying interest on the market below [$1600]…which should provide the price with a safety net.”
The US Dollar Gold Price has remained within 3% of $1600 for virtually all of the last two months.
“The market as a whole lacks conviction,” says Marc Ground, commodities strategist at Standard Bank.
“The little confidence that was forming will most likely have been destroyed by last week’s disappointment [from the lack of action by the Federal Reserve and European Central Bank].”
“We continue to like precious metals, even as central bank event risks have been largely removed until September,” says a note from Societe Generale.
“Further disappointment with politically driven ‘growth agendas’ should confirm the need for even stronger monetary solutions to reignite nominal growth.”
Thanks to BrotherJohnF
2012-08-07 19:39:26
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