Four key forces fueling the current gold sell-off:
1. India raised its gold import tax from 4% to 6%, which has limited the demand for gold in the world’s largest market for the metal.
2. Technical analysts and chartists have been arguing that prices would fall.
3. The collapse of the Bitcoin over the past two weeks coincides with many of the digital currency’s owners also owning gold.
4. Finally, Rogers believes Germany’s demand that Cyprus sell part of its holdings in gold to alleviate debt concerns added to the sell-off.
(Source: Business Insider)
Related ETFs: SPDR Gold Trust (ETF) (NYSE:GLD)
Jim Rogers is an author, financial commentator and successful international investor. He has been frequently featured in Time, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times and is a regular guest on Bloomberg and CNBC.
1. India raised its gold import tax from 4% to 6%, which has limited the demand for gold in the world’s largest market for the metal.
2. Technical analysts and chartists have been arguing that prices would fall.
3. The collapse of the Bitcoin over the past two weeks coincides with many of the digital currency’s owners also owning gold.
4. Finally, Rogers believes Germany’s demand that Cyprus sell part of its holdings in gold to alleviate debt concerns added to the sell-off.
(Source: Business Insider)
Related ETFs: SPDR Gold Trust (ETF) (NYSE:GLD)
Jim Rogers is an author, financial commentator and successful international investor. He has been frequently featured in Time, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times and is a regular guest on Bloomberg and CNBC.
