After retreating to $1090/ounce in recent days it is rising rapidly at the moment...currently at $1112/ounce.
There are a lot of good reasons for the gold price to rise at the moment (including the Greek tragedy). If debt servicing problems happen in other European countries such as Spain, Portugal and possibly Italy the gold price could really soar.
From a newsletter I subscribe to (Diggers and Drillers) emailed today:-
"...the World Gold Council reported very strong gold demand from India and China so far this year. This matters because these are the two biggest gold markets in the world.
Last year India imported 7.9 tonnes of gold during February. The Bombay Bullion Association reckons that this February, imports are expected to be in the region of 30 -35 tonnes of gold. This huge jump shows a good support for gold and this rubs off onto other precious metals.
The IMF is looking for takers for another 200 tonnes it plans to sell, and speculation is rife that China would be interested. China has gone right off US bonds and needs somewhere to put its $2 trillion of reserves. Gold is no ones liability, and is the ultimate safe house. I think we can expect some exciting news about where this gold ends up in the near future"
There are a lot of good reasons for the gold price to rise at the moment (including the Greek tragedy). If debt servicing problems happen in other European countries such as Spain, Portugal and possibly Italy the gold price could really soar.
From a newsletter I subscribe to (Diggers and Drillers) emailed today:-
"...the World Gold Council reported very strong gold demand from India and China so far this year. This matters because these are the two biggest gold markets in the world.
Last year India imported 7.9 tonnes of gold during February. The Bombay Bullion Association reckons that this February, imports are expected to be in the region of 30 -35 tonnes of gold. This huge jump shows a good support for gold and this rubs off onto other precious metals.
The IMF is looking for takers for another 200 tonnes it plans to sell, and speculation is rife that China would be interested. China has gone right off US bonds and needs somewhere to put its $2 trillion of reserves. Gold is no ones liability, and is the ultimate safe house. I think we can expect some exciting news about where this gold ends up in the near future"