Hi MemeFX,
I mentioned in my usual morning report that the fall in the Indian Rupee puts upward pressure on the price of Gold in Rupees. Simple currency effect.
I haven't checked the other BRICs but I suspect a similar force is working there.
Even if the price of $US Gold falls, if a country's currency falls more - the price of Gold in that currency goes up. It then becomes a solid "investment" countervailing other effects from the fall in the currency.
Redbacka
what's up with gold... - thursday, page-10
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