Because Brazilian economic growth was 9 percent in the first quarter of this year, and because the real is strong vis-a-vis the greenback, GMFS Ltd. has forecast that 2010 jewelry demand in Brazil will jump by more than 20%. Last year, demand dropped about 10%.
To the extent that the Brazil forecast can be generalized, resumption of global growth will help push gold up further...
...unless that growth is in the U.S. or Euroland. (I know, but other peoples' demand for gold is more strongly tied to wealth increases.)
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