Gold edged down today due to dollar strength and profit taking as
speculators and some investors booked profits on 16% price gains from
this year’s low.
Gold continues to see smart money diversification as central banks
from the ECB and the Fed to the BOJ have all announced ‘stimulus’ or
money debasement measures which has led investors to seek gold as an
inflation hedge.
All eyes will be on China as perhaps the next to announce action
after today’s data showed further contraction in its manufacturing
sector for the 11th consecutive month.
(more)
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