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 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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