| Author | Message | ||
     Ashton Hero Username: Ashton Post Number: 13053 Registered: 05-2008 Posted From: 205.234.140.219 Rating: |
You Can' Eat Gold ! | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 2399 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
Today Gold made a strong move to close at 1700. Acc to Casey Research someone redeemed huge qty of phy Gold and Sil from Swiss Banks but that gold did not go into market. that means it went to retail mostly to replenish retail stock in india caused by Dhanteras. Probably the word got around and gold upticked to 1700. Or probably, people are nervous what happens in Eu and moving from USD and Euro to Gold. If this happens, USD might relent and INR may harden a bit, means, it may get back to 47/48 levels. In any case, rupee going to 50+ is due to RBI overweighting INR basket with Euro in the wake of or prep for S&P Dollar downgrade. That happened but paradoxically EU weakened. so, INR weakened too. I think RBI started retweaking the basket to bring it back to 47/48 comfort zone. so, if you need to send money to india, hurry up. also, RBI raised the rates, so bearish for banks and real estate, so, may be a good time to look at those things as well. as for the gold price in USA, wait to see if today's move will sustain. indian sales for gold y'day for Dhanteras were brisk, so it is good sign. Rising gold price is acting like a free advertisement for gold, so, paradoxically, you may see more gold sales in india as rates pickup. |
