contessa update, page-2

and in the light of
http://www.proactiveinvestors.com.au/companies/news/44087/gold-jumps-above-us1400-an-ounce-as-us-dollar-weakens-44087.html

"Gold futures for August delivery jumped US$18.90 to settle at US$1,411.90 an ounce on Comex overnight, as weakness in the U.S. dollar attracted the gold bugs back.

In the spot market the yellow metal last traded at US$1410 an ounce.

Meanwhile, the market for physical gold continues to thrive, with reports coming out of China that the premium buyers willing to pay to get their hands on the yellow metal has quadrupled in the weeks since gold experienced a record-setting two-day fall in mid-April that saw more than US$200 pared off the per-ounce price of the precious metal, arresting, at least for a time, the metal’s 12 year bull run.

The uptick in China’s bullion imports was at record levels even before the metal’s stunning mid-April reversal of fortunes, with domestic demand for the first quarter of 776 tons overwhelming domestic supply of 403 tons.

As consumers literally lined up for the opportunity to buy physical gold at the newer, bargain prices, the premium hitherto imposed on the physical metal of about US$7 to mid-April suddenly spiked to more than US$32.

India’s importation of the metal for May alone reached a higher-than-expected 162 tons, according to a finance ministry spokesman Monday, the second month in a row to see much higher import levels of the commodity than expected."