China’s Gold Reserves At Least 2.5 Times Higher Than Reported, ‘De-Americanisation’ Continues
Friday, 25 October 2013
Gold dipped below its three-week high in London on profit taking after a 2% gain this week, which put gold on course for a second week of higher prices. Gold closed above the 50-day moving average and this in conjunction with two weekly higher closes is bullish technically.
Gold’s gains yesterday came due to increasing concerns that the Federal Reserve will maintain the pace of unprecedented monetary stimulus and debasement.
Gold is on track for its first yearly drop in over 13 years, as speculators sold gold on the COMEX and some investors became nervous of the recent price falls.
Gold is probably at a cyclical bottom and CPM sees gold prices rising sharply in 2016-2023, CPM Group’s Jeffrey Christian said in a speech in Toronto on Wednesday.
The call is interesting as CPM have been notoriously bearish on gold in recent years – throughout much of the 11 year bull market.
CPM Group sees the gold price at $1,240-$1,380/oz for “most of the next few months,” CPM managing partner Jeffrey Christian said. Gold may trade in a $1,240- to $1,500/oz range for “the next couple of years”.