View Full Version : Crouching Tiger, Hidden Gold?

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07-17-2015, 04:36 PM
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Crouching Tiger, Hidden Gold? (http://info.kitco.com/crouching-tiger-hidden-gold)

Boom! China shocked the bullion market this Friday by revealing an increase in its official gold holdings for the first time in six years. Six years! But many experts we spoke to are weary of the news and the numbers that China reported. China last reported a figure of 1,054 tonnes in April 2009, and now says it sits at 1,658 tonnes today – an increase of 57%. The central bank’s gold holdings make it the fifth biggest gold reserve in the world, surpassing Russia.

Gold prices didn’t move up on the news rather the metal sold off, hitting a fresh 5-year low during the session. Spot gold, on Kitco.com (http://info.kitco.com/e1t/c/*W26xHXM3VPM00W5kDnMJ33Dm4v0/*N1K6NDngXhfhW6g75xr345N1z0/5/f18dQhb0S5fj8XYjZwW3H3drj1m65lGW1VwPlL2sNWh4W5-xQSh1mhDGsW99c0JB8nPfhQW1nzgY67nwMJHW90G7th8S3yR5V bY02S4s8cS2VGVn6l69NG0_W8Rvp2p7c7F4fW1njGYl56z0qkW 96zRPS6bT6L3W8RRjRD5CkCbgVHYYwQ62_rWzW4MW8X34r1Pm7 W1nq9r718dKPTW1VJryk5lX8fqW13bD4h6dkxDBMqKCqrJ152_ W8484yV53GBh_W2cxgG87sBRvBW4dtHDR1h8shFW7LRsWR2dZb 8GW9gk1m52qvmyMW9chWGs7t8cHNVw8wRX59S3BrN3pSd04qjb jFN1HqcG-5G8qKW1fqMxP4hM01LVpYb2F8nDXSjW39DC9322TNxnV9Mb6y4 b-RdRW1q7sMT27cpcCN3kz66410NbdN5x6QYSr34dVW7XBw892vK vQJVKby713Wm7_sW1x8zhD3_9ZpvF7MYZ1gv8PYf4HYMfY03) was last quoted at $1,133.30 an ounce down $11.30 on the day. More proof that the U.S. dollar is gold’s worst nightmare.

http://i.imgur.com/kffsplE.jpg (http://info.kitco.com/crouching-tiger-hidden-gold)

But hope is not completely lost for some in the gold market. “Sellers are having their way in the precious metals this week. While the bears have the strong overall technical advantage, the gold market is now short-term oversold, technically, and due for a corrective, short-covering bounce very soon,” said Kitco’s technical analyst, Jim Wyckoff.

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