Turkey’s Silver Imports Surge 31% and Gold Imports Climb to 8 Month High
Wednesday, 3 April 2013
Gold has fallen to $1,570/oz as irrational exuberance continues in international markets with investors piling into equities as the U.S. stock market ‘crack up boom’ continues … for now.
Risk appetite remains recklessly high with the Dow Jones Industrial average up another 90 points yesterday to 14,662 and now targeting 15,000. This risk appetite is continuing to pressurise gold.
Gold’s lower quarterly close may also be leading to momentum players continuing to sell further pressurising gold. Gold’s fundamentals remain sound though and smart money will continue to buy on the dip.
Geopolitical risks in North Korea, between Japan and China and in the Middle East remain remain heightened and could intensify which could be the catalyst for gold bouncing from oversold levels.