Both seem set south. With the crash in oil prices, fears of deflation run the roost. That means the utility of gold as a hedging deployment is very limited. Given the industrial demand is sluggish, gold cannot be on an upward move immediately. China is slowed and India looks slowing as per latest Gdp , so the outlook for gold from these 2 main buyers is not too encouraging in the short run. The Swiss have just rejected any plans for its central bank to buy more gold. That should add to seller list.
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