India GDP is a shocker, another new low for the rupee. There's very little gold demand from there now, prices are still near record highs in local terms, discretionary spending is being eroded by high inflation, the economy is stagnant and the festival season is winding up for a few months hiatus.
Russia and the ME will be having similar spending problems thanks to collapsing oil prices, that leaves China and the western gold bug elite to prop up physical demand while the chart suggests not much of interest to the momentum "investors".
is gold a goner, page-217
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