Unfortunately we just witnessed a 'perfect storm' on gold price. Due to the demonetization, India's demand for gold has fallen off a cliff and the last Fed minutes stating it needs a rate hike in December in order to maintain credibility and the 'Trump' factor. It looks like gold might touch US$1,150 oz in December...
My firm belief is that we are heading to unprecedented number economic headwinds - we got a property asset bubble in China that will eventually pop, an Italian banking system that needs intensive care, emerging market bond and currency meltdown just to name a few.. these economic headwinds all point to a severe global deflationary environment which I believe gold will do well.
So my view is that the gold price will start recovering after the December rate hike.
Unfortunately we just witnessed a 'perfect storm' on gold price....
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$15.90 |
Change
-0.230(1.43%) |
Mkt cap ! $18.16B | |||
| Open | High | Low | Value | Volume |
| $16.23 | $16.23 | $15.89 | $28.19M | 1.757M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 21 | 9551 | $15.89 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $15.90 | 1600 | 10 |
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