The latest World Gold Council Gold Demand Trends report, which covers the period April-June 2013, confirms again how recent falls in the gold price were due to speculators selling paper gold rather than a decline in actual demand for physical gold.
When you draw fire from a recognized commentator in the energy field you expect the rebuttal to be logical and more importantly, properly researched. It was then with some surprise that we read Andrew McKillop’s article in yesterday’s edition of The Market Oracle.
Another respected hedge fund, the Pacific Group, has decided to convert one third of its hedge-fund assets into physical gold. The Pacific Group Ltd., which manages more than $100 million worth of assets, believes that gold will continue to rise as governments print more money to pay off debt, according to Bloomberg.
Gold and silver reached new record all time and 31-year nominal highs again yesterday and this morning. Silver has surged to a new 31-year nominal high of $40.28/oz and may now target next resistance at $50/oz - the 1980 nominal high.
Markets have recovered somewhat from sharp sell-offs despite the worsening nuclear situation in Japan. Gold and silver have made very tentative gains from the falls seen yesterday as commodity and equity markets have stabilized somewhat.