With a gap lower range down trade in the dollar the bias in gold and silver is up in today's early action.
Not surprisingly, gold has forged a higher high trade with the highest price since June 23rd in a sign that dollar action is once again the primary focus of the gold trade.
However, gold and silver are likely benefiting to a lesser degree from firmer treasury prices (lower yields) and from ideas that the Russians will continue to boost gold reserves through repatriation of foreign holdings or simple internal buying by their central bank.
In a very bullish longer-term development, the World Gold Council overnight suggested the Indian government expand its Gold Monetization Scheme by stepping up efforts to buy local retail coin and bar deposits and by offering further bank programs like gold bonds for the country to reduce its gold imports and help its current account balance...[MORE]
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