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Gold On Pace For Third Straight Weekly Gain
Posted February 21st, 2014
Los Angeles CA, Feb 21 (Tangible Investments) - by James O’Dell - Gold and silver bullion prices rose on Thursday, with gold gaining $11.69 or 0.89 percent to close at $1,322.29 an ounce, as gold remained on pace for a third straight week of gains. The price of Silver advanced $0.29 or 1.35 percent to close at $21.80 an ounce.
Gold prices would have fared much worse last year without the increased consumer demand from China, according to CNNMoney. It was in 2013 that China was finally able to slip past India to become the world's number one consumer of gold. "There was a huge movement of gold from West to East," in 2013 said Marcus Grubb, of the World Gold Council (WGC). Bullion is now being viewed more often by investors as insurance against potential turmoil, say analysts from UBS AG. The improvement in sentiment has been helped by the increase in Chinese physical demand, they added.
Minutes of the Fed’s January policy meeting released this week show that policymakers will most likely continue to reduce the central bank's quantitative easing (QE) program in measured $10 billion monthly increments. The Fed reduced its monthly purchases from $85 billion in Treasury and mortgage debt to $65 billion each month after cutting $10 billion in January and another $10 billion in February.
"Since the gold market is very oversold from a cyclical point of view after declining from $1,920 to $1,180 in more than two years, investors should take a constructive and contrarian view of gold and accumulate step by step on weakness," says Felix Zulauf of Zulauf Asset Management. The Group of 20 Nations will meet this weekend in Sydney, Australia, but the gathering is expected to have little impact on the market. “The draft of the G20 communique has been leaked and there are not big surprises or market moving developments with it,” said Brown Brothers Harriman.
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