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Updated 14:54 28/02/20

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Russia is supporting the gold price


Duncan Richardson, News Editor
22 Nov 2016, 10:08 a.m.

The gold price has retreated over 5% since Donald Trump’s surprise election victory and on Friday the price threatened to breakdown below $1,200 per ounce. News that the Russian Central bank had added a further 1.3 million ounces in October helped stabilize the price.

Continued central bank buying under $1,250 per once is supporting the price and offsetting pessimism in the futures market and liquidation of exchange traded funds (ETF). Last week ETF’s globally experienced outflows worth 19 tonnes. A December rate hike now appears to be a done deal and already reflected in the gold price.

Donald Trump’s stimulus plan is grabbing all the headlines, but deeper problems remain. The French and Italians will soon go to the polls and at some point, the Asian sell off U.S Treasuries will become centre stage. U.S. debt has doubled under Obama and is fast approaching $20 trillion.

View original source at: realmoneypro.thestreet.com

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