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Commodities Briefing - Categorized | Bullion/Gold, People, Price Watch more

Gold’s downside still limited and upside potential great - Nichols

Posted on 25 October 2010

From Mineweb.co.za: Having reached an all-time high of US$1,387.35 an ounce on October 14th, some run-of-the-mill profit taking by short-term traders and institutional speculators on world futures markets triggered last week’s swift downward correction in the yellow metal’s price.
Then, this Monday’s surprise announcement by the People’s Bank of China that it would soon raise short-term interest rates to combat domestic inflation knocked the price still lower — not so much because there was more selling but because many buyers paused to reassess the metal’s short-term prospects……………………………………….Full Article: Source


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VRS - who has written 37629 posts on Opalesque Commodities Briefing.


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