“Looking at a very long-term chart of gold, Worth pointed out that the precious metal has hit a critical technical level,” according to CNBC.
Gold could rally without the help of significant increases in demand from some of the world’s biggest bullion-buying countries. According to the World Gold Council, India imported 891.5 tons of gold last year while demand was 811.1 metric tons. The council believes consumption will increase to between 900 tons and 1,000 tons this year. [India Unlikely to Stem Gold’s Decline]
SPDR Gold Shares
Tom Lydon’s clients own shares of GLD.