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Tuesday, 23 April 2013
Gold: A Bounceback Possible?
Gold may have caused you to cry. But it has the potential and potency to wipe your tears.
The forces that are driving gold down are not necessarily fundamentals. Hedge funds, the momentum players, are massively selling gold and other precious metals and moving into equities in US and Japan; South Korea is yet another stop for them where the government has announced stimulus measures to the tune of $15.3 billion dollars.
The recent US jobs data and the very decent Chinese GDP data are least encouraging; not to speak of Euro zone crisis as lately manifested in Cyprus. These data sets have the potential to swing the gold markets to either sides depending on what it holds for the global economy. If they turn out to be bad, then gold futures would climb.
The recently released Chinese GDP data portrayed modest growth of 7.7% for the first quarter that ended in March. The data effected a rout in base metals and crude oil futures.
Cyprus issue has still got the potential to rock the markets. We should also see if any other nations may seek a bailout. Cyprus bailout sum has climbed to 23 billion Euros.
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