Gold News: India Showing Positive Signs [DETAILS]

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There’s so much “different” gold news today that we can’t limit ourselves to just one bit.  Here’s a quick review of what’s affecting gold this morning.
Preliminary numbers out of India show demand for gold was up in July.  Initial reports from the Indian Ministry of Finance show gold imports are up 20% in July year-over-year, to 65.6 tonnes.  That’s a positive sign in a market looking for support. Projected whole-year figures for 2018 still look down, possibly as low as 700 tonnes total by the end of December.  That would be an 8% drop from 2017.  So gold bugs are looking for still more increases in the coming months to help close the gap.
Meanwhile, more voices are calling the bottom in gold.  Chantelle Schieven, head of research at Murenbeeld & Co, noted in an interview that gold is now “the ultimate contrarian play,” while Standard Chartered says they’re looking for gold to recover in September, just one month away.  That’s a brave call in a market that’s bouncing along it’s year-low.
Finally, US-Japan trade talk announcements are due later today. This may have a small effect on the gold market, but this Gold Enthusiast thinks direct ties to gold are mythical more than realistic.  Strangely absent from the news lately is the fact that the Russian ruble has plunged, now bouncing near 2-year lows following the latest sanctions by the US.
All in all these things are at the very least not giving gold any more reasons to drop, if not propping up the bottom.  In the end of course, the market gets the final say…
Signed, The Gold Enthusiast
DISCLAIMER: No specific securities were mentioned in this article.  The author is long a small basket of gold mining stocks, no positions large enough to affect any market, and no intentions of trading any of it in the next 48 hours.

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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