Unfortunately we just witnessed a 'perfect storm' on gold price. Due to the demonetization, India's demand for gold has fallen off a cliff and the last Fed minutes stating it needs a rate hike in December in order to maintain credibility and the 'Trump' factor. It looks like gold might touch US$1,150 oz in December...
My firm belief is that we are heading to unprecedented number economic headwinds - we got a property asset bubble in China that will eventually pop, an Italian banking system that needs intensive care, emerging market bond and currency meltdown just to name a few.. these economic headwinds all point to a severe global deflationary environment which I believe gold will do well.
So my view is that the gold price will start recovering after the December rate hike.
Unfortunately we just witnessed a 'perfect storm' on gold price....
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