International Gold: This Country’s Central Bank Has Bought Gold

gold coins, gold chart
Written by Mike Hammer

Hot on the heels of yesterday’s news about 2018’s slump in Indian consumer demand, comes today’s report that India’s central bank BOUGHT gold in 2019.  This is especially significant as it is the first time India has bought gold for their central reserve since 2009. Such a move would indicate India now sees more of a need for a universal asset than they have since the market drop of 2008-2009.

Or, that India wants to bolster the perceived value of the rupee in the face of last year’s drop. Or both these reasons might be true. Whatever the case, India buying gold for the first time in a long time just adds more support for gold, which so far has failed to rise above 1300 USD/oz in 2019. We think this is a smart move by India, signaling it is still in the world economic picture.  You can read all about it in today’s featured article.

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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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