goodluck all, page-68

"Unfortunately i doubt India will do anything in a timely fashion"

With an election in 2014 and "India’s ruling Congress Party were roiled in state elections last week – losing the three large states of Rajasthan, Madhya Pradesh and Chhattisgarh" I will bet they will ease in a very timely manner. Changing extremely unpopular restrictions on gold in a country where gold is King ahead of elections would likely be top priority to survive the elections. Govts do what will keep them in power.

The gold traders don't seem to know what to do right now. Personally I'm glad to see this taper finally happen so the market can stop stressing about it and revert to fundamentals of supply demand of actual physical gold, global ave total cost of production etc.
No surprise about the small size of the taper. Now they print 75 bill per month instead of 85. When QE3 began, it was only 45 bill per month before being ramped up to 85. For 6 months the market has stressed over what has turned out to be an insignificant taper. US DJIA up 1.8% ATM as a result.

One clear positive for our exporters including gold producers is the AUD support from August is now broken on both closing prices and intraday lows. AUD POG is holding up as a result. US POG is still holding comfortably above its support with recent support at 1211 and June support of 1180. Intraday low today is 1215 and currently trading 1220. It is holding support despite the surprise early start to tapering. GS was tipping March with a chance of an early taper in Jan. The consensus was early next year. If AUD continues lower now that support is broken and if POG in USD continues to hold support, we should see AUD POG rise from here and our gold stocks may have already seen their lows.
Good to see this taper finally announced.