Will Indians return to gold in masses and when?
The amount of gold people from India buy accounts for a very large percentage of world gold sales. Interestingly enough, in 2007 quite a number of Indian investors sold their gold to buy stocks, which of course was a mistake. In January of 2008, the Bombay Stock Exchange fell by more than 4,000 points. It is now a full 8,000 points short of its January 8th peak of 21,000.
Gold of course went over the coveted $1,000 range, pulled back, traded in a range between $870 and $910 or so and now appears positioned to jump much higher. Something tells me, we are in for a few nasty surprises which include geopolitical problem or two resulting in even higher oil prices, severe financial woos in US where Citi, Lehman Brothers, Wachovia and general real estate market look horrible, and of course US dollar breaking its current support at around 72 and plunging lower. The picture is very nasty and bleak, but if you got some gold and silver, you should be ok. And with Indian buyers jumping in masses back to buy gold, the gold prices should easily break previous high of $1,030.80 and test $1,100 to $1,150 levels. One indicator is that gold sales in Abu Dhabi rose 20 percent in June, mostly if not single-handedly on Indian demand.
Sat Jul 12, 2008 10:07PM | Copyright: www.bad-credit-advisor.com | More in Gold Investing | Comments (0)
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