From Reuters today:
"The metal is down 17 percent for the year and is on track for its worst weekly decline in a month. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to their lowest in four years.
Physical demand was also quiet on Friday as consumers in the biggest gold buyers, India and China, wait for prices to stabilize or drop further, traders and dealers said.
"Many people are waiting on the sidelines as they are expecting another drop," said Brian Lan, managing director of GoldSilver Central in Singapore.
Demand in India is being hurt by central bank curbs on gold imports. Limits on bank consignments have hit supply and triggered a sharp jump in premiums. "
physical demand jumped because ppl. thought they'd caught a bottom, that was classic "speculation"..now as price continues to fall, these ill-timed decision will come back and hurt their confidence. what's gonna happen next? buyers will wait, that's what's gonna happen; while funds continue to short and dump paper gold, causing lower lows..there will be bounces along the way, of course, but be short-lived again.
'tis a vicious cycle for sure, and the whole process may last well into the foreseeable future.
and that, is what we call a "bear market"
glta
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