Very interesting long term LMEIndex chart with the slow stoch. Although there is early confirmation of a low, I personally cannot see much evidence of growth globally this year. One has to be skeptical of the IOP souk this year bearing in mind supply issues are increasing without the price drivers. The IOP futures from China are increasingly being driven by limited access domestically to gambling options. Although price is price as I often posted, I am looking at the bigger picture stuff and I just don't trust the Chinese figures! Hence I contemplated for a long time when anticipating should FMG hit the low that it did 6 months ago. I missed that good run but no regrets though as I decided after weighing the evidence.
That was a very impressive run on gold. I am surprised by the aggressive move so late into Friday. I have not investigated why USD have been so aggressively sold down even though I briefly check my Swisse that took the final TP level!
I need to see a good aggressive buying continuation on Monday to confirm this is no fakeout! With the AUD being held down by rate reduction expectation for next week, it is a bonus!
