The subject of yesterday’s World Gold Council report on gold demand in China and the misleading take on that subject at Reuters was the primary topic of discussion yesterday when I chatted with Cory Fleck and Al Korelin over at the Korelin Economics Report.
The World Gold Council report can be found here, the Reuters story here, and my take on the wide gap between the two at Seeking Alpha here in a report that provided all the detail behind some of the things that were covered during the interview.
The .mp3 file is again available here at the blog – just click on the image to the right – or you can go directly to this page over at KER.
It wasn’t much fun for gold investors yesterday as, on the one-year anniversary of last year’s tax day smack down (as detailed in this item over at Mining.com), the gold market was hit a gain with the familiar combination of bearish calls by U.S. investment banks and heavy selling that seemed designed to trigger stop loss orders and exacerbate the decline that the heavy selling prompted.
It looks like precious metals have been able to hold firm at their lower levels in overnight trading, however, what we see today is anyone’s guess.
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