A collapsing oil price and surging US Dollar were
unable to bring gold, silver prices lower last month. This firm price
action shows the underlying strength of precious metals as we end 2014
with huge physical demand continuing mostly out of Asia,
Wall Street however ended 2014 still selling the main GLD-ETF down to
22.7M ounces. This is lower by close to 3M ounces in 2014 and over 20M
ounces from GLD’s 2012 peak holdings.
Gold is at a critical technical juncture as 2015 kicks off with a well-defined downtrend around $1,220.
If gold can break above this and further at $1,250, the technical
picture quickly improves and shows the rally can continue to $1,350 -
$1,525. On the other hand, if this resistance holds up, gold will be
heading back to supports in the $1,100 range. (more)
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