Kitco News - Market Nuggets: WGC: Gold Fundamentals Remain 'Robust;' 2011 Price Rises In Many Currenci
By: RJO Futures Market AlertJanuary 23rd, 2012 10:14AM CST
While gold is higher so far Monday, R.J. O’Brien & Associates cautions that the market could be “rather quiet” over the next week or two now that Chinese New Year holidays are under way. “They were very strong buyers leading up to the New Year but now they are off celebrating,” R.J. O’Brien says. Analysts doubt India or Arab nations will make up for the loss of Chinese buying interest during this time, unless prices fall and are seen as a bargain. “So the market could drift lower, but we would expect to see good price dips well bought on a scale-down basis,” R.J. O’Brien says, adding that any dollar strength could also limit upside potential for gold, silver, platinum, and palladium.
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