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Precious Metals
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More Gold Bad News From MSMThis story has been picked up by NPR. A place that almost never talks gold. Headline story about a major drop in POG following the worst two weeks of the year they said. http://www.reuters.com/article/2015/05/24/india-gold-demand-idUSL3N0YD26X20150524 "MUMBAI, May 24 (Reuters) - Fewer auspicious days later this year compelled Ramesh Phalke, an auto company employee in India's Maharashtra state, to hold his daughter's wedding in May. This bride was lucky because many other weddings will likely be postponed - to the dismay of the country's jewellers. Gold is an essential part of the bride's dowry in India and also a popular gift from family and guests at weddings. In fact, the southern state of Kerala uses up to 400 grams of gold per wedding, or 80 tonnes each year - which is about 10 percent of the country's total consumption in 2014. Weddings are one of the biggest drivers of gold purchases in the world's top consumer. But this year the contribution could be smaller as the Hindu calendar shows the number of auspicious dates for weddings will drop 40 percent in the second half from a year earlier." We shall see...... My thinking is with a USD index headed back to 100 and a POG still well above $1000 it shows the opposite of weakness in PMs. |
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