We see the action in gold and silver this morning as very discouraging and defeating for the bull camp, especially in gold given the sharp range down extension of the US dollar.
In fact, with the Indian government pegging October gold imports jumped by 60% over year-ago levels (the highest in 31 months), a surging bear case in the dollar, and expectations the FOMC meeting minutes will again confirm the US rate hike cycle is done, the gold market should be up $11 instead of down $11.
In addition to the strong jump in Indian gold imports, the Reserve Bank of India added 9 tons of gold in the third quarter which should revitalize hopes of ongoing global central bank gold purchases...[MORE]
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