Gold Prices: Imports Fall to a New Low (Details)

china gold, international gold, gold dragons
Written by Mike Hammer

The latest dip in gold prices brought buyers out in China. Premiums for Chinese retail gold — the amount gold trades for above the spot price — rose to as much as 8/oz USD from a prior reading of 4-6.50. Increasing premiums indicates increasing demand as buyers bid prices up. At the same time, imports into Hong Kong fell to a 2018 low.

Meanwhile, in India, early reports indicate demand returned to “wait” mode after gold rose above 30,000 rupees per 10 grams. A month ago, there was good demand below the 30,000 rupee level but it slowed as soon as gold rose above the 30k mark. Just goes to show, all that stuff about demand organizing around price levels is still true in today’s modern markets. And wouldn’t you just love to be able to buy gold bullion in the US at just $8 over spot?!

You can read all about it in today’s featured article. Then let us know what you think – Is this the bottom, and will gold prices head higher from here? Sound off in the Comments below.

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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated with a business degree, then worked with Macy's. After Macy's he spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined a well-known financial planning firm as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where he worked first for a small manufacturing consulting company, then a major university. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. 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 keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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