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Gold surges to another new record high
Nov 3rd, 2009 09:12 by PG

Gold exploded to the upside in recent trading, reaching a new all-time high of 1080.65.

This appears to be a very gold-centric move as other markets are little changed from where they were when gold took off.

A couple things worth noting that may be factoring into the latest gains:

India bought 200 tonnes of the IMF gold available for sale, with no impact on price…at least initially.

In my opinion, this would significantly change the thinking of shorts.

Sources say China is angry that India beat them to the punch on roughly half of the IMF gold.

Barrick announced yesterday that they were accelerating the pace of their de-hedging efforts, which may be indicative of a continuing shift in market sentiment.

Certainly the move to new record highs, triggered buy stops.

Author key: MK - Michael J. Kosares; GC - George Cooper; PG - Peter A. Grant; JK - Jonathan Kosares; RS - Randal Strauss; JL - Jeffrey Lee. [see also 10 yrs of Discussion Archives]

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