In what future generations will likely see as a major, potentially catastrophic blunder of monetary policy, the West and particularly the City of London continues to hemorrhage huge volumes of gold which is flowing Eastwards to Singapore, India and China from London via Switzerland.
It was another quiet over night session with little data out of the Far East and Europe. Better than expected German IFO data did provide a slight demand bid but it appears any real action will have to wait for today`s U.S. durable goods data.
The old adage proves true, that low prices cure low and crashing prices, and at least in oil, it is always followed by a big time recovery. According to data provided by Price Asset Management, history would suggest that prices of oil usually come back quicker than most people think.