Peter Brimelow, who covers the world of investment newsletters for MarketWatch, reports today that gold bugs don't think the latest move up for gold is over. A bit:
But The Privateer argues that this past correction in gold, from mid-March 2008 to late September 2009, "was longer lasting and deeper than its predecessor. So far, Gold has only broken out of that correction for six weeks. After Gold broke out of the first correction in Mid September 2007, it roared higher for the next six MONTHS."
This gives The Privateer confidence.
The Le Metropole Café, as usual, relies heavily on what local gold premiums say about physical market conditions:
"The first thing to be stressed is that the physical market is in a profoundly different posture than in Q1 2009. Then regular buyers like Turkey, Vietnam and even India were exporting. Now to varying degrees they are buyers. ... India's return to the bid because of the rupee move noted here on Friday may have been decisive in the NY session's Bear rout, and of course Vietnam premiums as last reported over $30 are crying out for gold supplies."
Le Metropole Café maintains Vietnam now imports a similar amount of gold to China.
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