Faber: “1 Trillion Dollars A Month” Money Printing Coming
GoldCore
GoldSeek.com
Tuesday, 22 October 2013
A good jobs number could see gold weakening below short term support at $1,310/oz and a possible retrenchment to $1,280/oz.
The U.S. September jobs data has been postponed for 16 days due to the partial U.S. government shutdown that began on October 1st. U.S. Fed Bank President of Chicago, Charles Evans, commented in an interview yesterday that the fiscal discord in D.C. will probably delay the decrease in the Fed’s monthly bond buying which is gold positive.
The market continues to digest the continuing fall in the holdings of the biggest gold exchange-traded-holdings fund dropped the most in 15 weeks as gold flows from London to Switzerland and on to Asia. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 10.51 tonnes to 871.72 tonnes on Monday — its biggest fall since early July. It is believed that this gold is flowing East to willing and eager buyers in China particularly.
Gold bullion dealers in India are struggling to get gold bullion and are paying record premiums just ahead of the peak festival season next month.
Marc Faber the author of “The Gloom & Doom Report” was interviewed on CNBC’s Squawk Box today.
Faber commented, “The question is not ‘tapering’, the question is at what point will they increase the asset purchases to say $150 billion, $200 billion, or a trillion dollars a month.”
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