Both the S&P 500 and gold price have consolidated over the past few months and are now looking to overcome key technical resistance at 1,150. If this level can be breached, it will be a very bullish development that is likely to signal the next major upleg in both stocks and precious metals. [...]
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Finmarket, a Russian news agency, reported that China has confirmed the intention to purchase 191.3 tons of gold from the International Monetary Fund at an open auction. The author came out an hour later to state that she did not have confirmed official sources, although the IMF declined to comment. Many investors, myself [...] Investors completely shrugged off news of the IMF gold sales as the price advanced $20 following the announcement. There are questions as to whether the IMF actually has physical gold to sell and there is historic correlation of gold going up after such announcements, not down as many would anticipate. GATA wrote about [...] |
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