Commodities
Best Financial Markets Analysis ArticleGoldCore believe that gold has hit or is soon to hit its traditional late summer low price prior to the traditional strong gold rally in the autumn and early winter months.Recent years have seen a late summer sell off with a low price being seen normally between mid July and mid August.
We commented on this very important seasonal trend on Friday and were quoted up by Bloomberg:
Gold May Fall, Heading for 'Summer Doldrum Lows,' Survey Shows
"Gold's trend looks to be down again, Mark O'Byrne, executive director of Goldcore Ltd. in Dublin, said by e-mail. Gold is "likely to see the summer doldrum lows in the next two weeks, and may decline to as low as $864/oz, followed by a rebound, he said."Buying gold during the summer doldrums has been a winning trade for most of the last 34 years and especially in the last seven years, according to O'Byrne.
The weekly gold survey has forecast prices accurately in 157 of 272 weeks, or 58 percent of the time.
http://www.bloomberg.com/apps/news?pid=20601102&sid=aA1TCOpJYI4Q
Gold Rises, Heading for Monthly Gain, on China's Demand Outlook
Jewelry makers usually stock up on gold after summer in the Northern Hemisphere for the wedding season in India and year-end holidays in the U.S. and Europe, according to Mark O'Byrne, executive director of Goldcore Ltd. in Dublin.Gold has advanced 6.5 percent this year, lagging most commodities as investors sold the metal. It may drop to as low as $864 in the next two weeks before rebounding, O'Byrne said.
http://www.bloomberg.com/apps/news?pid=20601012&sid=aT91UGtcFEps
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