With Sovereign debt issues now such a major problem it’s little wonder that the gold price continues to surge. Physical demand is very strong particularly in the emerging markets and they are after all the only economies with real growth possibilities (not growth sponsored by expansionary fiscal policies). The highly leveraged futures markets will still try and pick tops and drive the market but the strong physical demand for a scarce resource remains the most important factor in this market imho. Buying big dips is still the play.
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