Good News on Gold
This has been reported recently, but it's nice to see more of this...
``Jewelers across Asia are buying gold on every dip, said Si Kannan, an analyst at Mumbai-based Sharekhan Commodities Pvt. said. ``There is also some physical buying from investors.''
This helps put a floor under the yellow metal. Now all we need is for the US dollar to start its next leg down. However, the US trade deficit narrowed in October to $58.9 billion from $64.3 billion in September. October's number was better than estimates of $63 billion. So this could give the greenback some more legs (for a while).
``Jewelers across Asia are buying gold on every dip, said Si Kannan, an analyst at Mumbai-based Sharekhan Commodities Pvt. said. ``There is also some physical buying from investors.''
This helps put a floor under the yellow metal. Now all we need is for the US dollar to start its next leg down. However, the US trade deficit narrowed in October to $58.9 billion from $64.3 billion in September. October's number was better than estimates of $63 billion. So this could give the greenback some more legs (for a while).
Check out my new gold and energy blog at MoneyAndMarkets.com
posted by Sean Brodrick @ 8:56 AM
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