Sometimes, the crowded gold coins selling shops make me wonder if the Indians decide the world gold price!
Recessions or no recessions, rain or shine, festival season or an ordinary day, you can see every gold jewelry shop packed full with shoppers. The consumption of gold in India must be the sole deciding factor of gold price movement.
Now, the yearlong festival season has just started. Gold jewelry dealers are seen active yesterday on bullion market. In fact, their hectic purchase of gold in lieu of festival season has failed to arrest the fall in gold price.
I am not going to rush in the crowded bullion market. I am staying off from my futures trading in precious commodities for a couple of weeks; I will wait until the next newsletter from the U.S. Gold Bureau.
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