The initial trade in #gold today is lower in a knee-jerk reaction to slightly higher US #dollar action and from a slight blip-up in US interest rates.
The Peoples Bank of China overnight posted another incremental increase in gold reserves in July of roughly 2 million ounces in a continuation of their gradual and difficult-to-monitor buildup of gold reserves.
Unfortunately for the bull camp gold ETF holdings saw a 10th straight daily outflow last Friday bringing net sales from holdings this year up to 2.86 million ounces...[MORE]
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