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|Subject: Re: Gold - Updated TA||Date: 5/15/2012 11:09 PM|
|Author: kahunacfa||Number: 41069 of 41313|
Although I do not at all subscribe to technical analysis <I call it reading chicken entrails, for good reason> there are fundamental factors at work providing for a Bearish Fundamental backdrop to the Market for Gold. India is the World's largest market for Gold. On CNBC today, Jimmy Rogers was talking about specific changes in India that will have a short-term and intermediate lowering of demand in India for Gold. I did not see the whole interview between Jimmy Rogers and Maria Barteroma, I just caught part of the segment. There may be more here: http://www.CNBC.com, or maybe not.
Rogers is smart, very smart as well as very experienced -- especially with commodities. Gold is, after all is said and done, just a precious metal commodity subject to the whims of supply and demand. Rogers is concerned about the demand from India. If India demands less gold the price will drop, perhaps even substantially.
I am selling my small long position in GLD.
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