http://www.zerohedge.com/news/2015-09-08/china-buys-16-tons-gold-august-%E2%80%93-dumps-94-billion
Given the strong demand fundamentals, particularly out of China, gold should go higher but as ever there is a risk of selling in the futures market leading to weakness in the short term as traders follow momentum and ignore fundamentals.
This demand continues and is being bolstered by official Chinese demand. The People’s Bank of China (PBOC) added another 15.98 tonnes of gold in August – at the same time its foreign exchange reserves fell a whopping $94 billion. The Chinese continue to diversify out of the dollar and into gold.
0 comments:
Post a Comment