In a Commodity Online article, which excerpts the gold portion of its Metals Monthly report for March 2010, VM Research asks why gold has been so resilient given ETF demand is so weak. By their lights, as based upon supply/demand analysis, gold should be significantly lower. There's been no supply squeeze, and the pickup in jewelry demand seems insufficient to cushion a really hard correction. They're left at a loss as to why.
One possible reason, not discussed because it's speculative, is that some of the outflows is physical bullion that's stored and kept.
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