Aug 1, 2017
- Gold has rallied more than $60 per ounce in the last few weeks. In the short term a new catalyst is needed to continue the rally, but the big picture looks fabulous.
- Please click here now. India has a population of about 1.3 billion people, with the World Gold Council (WGC) noting that about 60% of them are under the age of 25.
- The WGC appears to be significantly underestimating the pace of recovery of the nation’s jewellery market. Indian demand in the first half of 2017 has already exceeded demand for the entire 2016 calendar year.
- Chinese demand is solid, and Turkey is becoming a potential third force of significant love trade demand.
- Having said that, it could be the fear trade in the West that pushes gold over $1300. I refer to the US debt ceiling as a floor, and President Trump has wondered out loud if a government shut down is needed to stop congress from passing the buck.