Gold prices have continued to rise and are now nearing $1100.
I think that prices are overbought in the near term and that a pull back is coming.
In just 10 days, we are up over $60!
India's Central Bank - 'The Reserve Bank India' bought 200 Tons of Gold from the IMF this week. As usual, this news got hardly any coverage in the financial media.
I mean '''Goldman Sachs bonuses''' get more coverage than a $6.7Bn gold purchase transaction!!!
Last month, I posted an article detailing India's shrinking Gold imports this year.
It's good to see the RBI diversifying India's forex reserves at a time when gold imports by the Indian public are falling.
The USD may not collapse tomorrow, but monetary and fiscal policies being implemented in the USA are clearly unsustainable over the long run.
You simply cannot borrow your way to prosperity, and that's something that Bernanke and Geithner just don't seem to understand!
The USD meanwhile attempted a rebound from recent lows, but has failed to make a meaningful comeback so far.
It going to get 'choppy' out there, so expect more volatility in coming weeks.
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