Jo Blo has been selling gold not buying it.
Go to any shopping mall Australia wide and watch some gold buying spruikers on American tv and you will find people are happily dumping gold at a minimum 30% under the spot price.
If people thought it was going higher wouldnt they be buying it hand over fist and holding it in their clenched fists saying nobody is getting my gold for less than 2000 an oz.They are sending it off in bags to anonymous buyers in the mail and getting a low ball price and in most cases selling it!!Where is the panic gold buying?
Thats not happening and thats the contrarian indicator for me saying gold still has a ways to go.
Hedge funds are playing the market as they always do, rebalancing, taking profits but we still havent seen the mom and dad get fleeced on buying gold yet and thats still to come.
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