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Optimist or Pessimist?

Gold’s been frustrating, to say the least. Plus, its characteristics changed in September.

Gold failed to rise during its best seasonal time, and when the dollar was declining. These factors alone were bearish signs.
In addition, gold jewelry demand was the highest since 2010 in the third quarter, when buyers in Hong Kong and China pushed demand up 40% and 35%.
It’s also reported that American Eagle silver coin sales are up at the U.S. Mint, while gold sales are up at the Perth Mint. You’d think the prices would be up on this robust demand for physical gold and silver, but they’re not.

Investors are loving to hate gold. Hedge funds are the least bullish since 2007. Some investors missed the whole bull market and are now happy to see gold tossed aside.
With each passing month, the bearish barometer continues to rise.  But amazingly, gold is not breaking below the June lows easily.
It’s been six months now since gold hit $1180 intraday in June.  And it’s recently been testing these lows.

Will it hold? …. That’s the million dollar question.

Source GoldSeek

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