India Gold Demand ‘Poor’ on Record Prices
Gold sales in India, the world’s biggest consumer, have been poor during the holiday season amid record prices and the nation’s imports will decline, according to the head of the Indian Bullion Market Association.
Imports in the final quarter will be about 50 metric tons compared with a quarterly average of 100 to 120 tons, President Anjani Sinha said in an interview today. “Demand hasn’t picked up and Indians are selling jewelry actually,” he said.
XX Sean’s note — On the other hand, here’s a Chart of the Day from Bloomberg that tells a different story.
According to the Bloomberg story (sorry, it’s not on the web yet), “Gold futures will exceed their record and reach $1,200 an ounce by December, according to the biggest bet among options traders.”
One options expert says, “You can look at options as a signal for increased interest from the investment side.”
Now for a look at silver …
Silver, ‘Bullion’s Bridesmaid,’ May Outpace Gold: Chart of Day
Silver may outpace gold through mid- 2010 as a recovering global economy increases industrial demand, said Citigroup Inc.
The CHART OF THE DAY shows the ratio of gold to silver. An ounce of gold bought 59.4 ounces of silver on Oct. 14 when gold for immediate delivery jumped to a record $1,070.80 as investors sought an alternative to the weakening dollar and a hedge against inflation. That compares with 48.5 ounces when gold first exceeded $1,000 on March 13 last year and 43.6 on April 19, 2006, the lowest level in the past 10 years.
XX Sean’s note — this is all food for thought on a day when gold and silver are both down, at least so far.
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{ 1 comment… read it below or add one }
Feels to me that there is an international push on the dollar, could be a signal to boost the badly tainted US image internationally.
So, look for a sharp market correction as there are no solid indicators that I know of that supports this.