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Taper talk boosts gold. Is this a fundamental change in direction?

by Lawrence Williams, MineWeb.com:

There seems to have been the suggestion of something of a turnaround in sentiment on gold, ironically as virtually every bank analyst and his dog has been predicting a continuing downturn in the gold price – which, I suppose is the time to buy on true contrarian thinking. Now whether the latest move upwards – not a big one so far by any stretch of the imagination – is sustainable, remains to be seen, but the factors surrounding the upturn are, to say the least, interesting.

One does not exactly need a long memory to recall that every indication that the U.S. Fed may actually implement any kind of taper since the proposal was first put forward by Ben Bernanke has been met with a sharp downturn in the gold price – until perhaps a couple of weeks ago when the opposite seems to have happened.

Read More @ MineWeb.com

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