by Ben Traynor, Gold Seek:
“The gold price is unable to recover despite a weaker US Dollar and falling equity markets,” says this morning commodities note from Commerzbank.
“The dominant subject on the gold market continues to be the possibility of a premature withdrawal of bond purchases by the US Federal Reserve…in our view, the figures available so far do not constitute any reason to scale back QE3 in the near future.”
“There’s a tug of war between investors putting money into gold and taking it out,” adds Bernard Sin, head of currency and metal trading at Swiss refiner MKS, who also cited concerns among investors “worried about is if there’s no more quantitative easing”.
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