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Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

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Gold Markets May Finally Have Something To Cheer About

Momentum has been building amongst gold stocks this week. With gauges like the S&P/TSX Global Gold Index up 9% over the last week of trading.

The interesting thing is, this rebound has come with very little movement in the gold price itself. As I write, bullion is languishing below $1,190 per ounce.

But a few events are on the horizon that could really give gold investors something to cheer about. In some of the largest consuming nations on the planet. Related: The $6.8 Billion Great Wall Of Japan: Fukushima Cleanup Takes On Epic Proportion

A prime example being regulatory changes announced last week in the world’s top gold buyer, China. Which should go a long way toward increasing bullion demand in this part of the world.

China’s central bank and customs authority jointly released rules last week that will allow a wider range of market players to import gold into the country. Giving authorization to some mining and smelting companies, as well as coin-makers and banks, to ship bullion across the borders.

The move is reportedly part of a push from Beijing to expand China’s overall gold trade. And better link the mainland gold market to other buyers around the world. Related: Oil Price Speed Limit Presaging An Age Of Austerity?

At the same time, things are remaining challenging in the world’s number-two gold consumer: India. Where regulators took a step backward last week in freeing up gold imports.

India’s Reserve Bank said that jewellery-makers and other gold consumers who want to bring gold into the country will have to make full payment prior to receiving their shipments. Previously, banks and other gold importers had simply been shipping in bullion and then allowing buyers to make payment once the bullion arrived in country. Related: Wall Street Losing Millions From Bad Energy Loans

With consumers now required to make full payment up front, buying will likely be reduced. Leaving the market to wonder when India might return to a fully-liberal gold market — allowing free import of the metal into this key consuming nation.

We’ll see which of these factors is stronger in affecting global prices. Watch for ongoing changes in both of these critical jurisdictions.

Here’s to freeing things up,

Dave Forest

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