As [the price] goes back up slowly, people are now calling saying I want to make an appointment. Kay said price increases are directly related to higher consumer sales, with some sellers getting eager as soon as the price moves up just two dozen points. A Google ( GOOG ) Trends analysis shows spikes in searches for sell gold jewelry during times of gold rallies. The biggest spike was in August 2011 golds all-time settle high. While the trend line has been on a slight decline since mid-2012, gold searches have spiked in recent weeks. Big pops definitely see more interest in jewelry selling, said Nick Colas, chief market strategist at ConvergEx. Another big move in gold and well certainly see it again. Of The Elevation Group course, there are other consumers who are hoping the price of gold soars higher still, and will hold tight until then. Gold prices may have more room to grow amid the ongoing crises in the Ukraine and Latin America, corporate defaults in China and volatile U.S.
Gold Scores 6-Month High On Safe-Haven Buying, Bullish Chart Posture
According to the World Gold Council (WGC), smuggled gold bullion in the country amounted to 150200 tonnes in 2013. The WGC also predicts that if the restrictions imposed by Indias government remain in place, then it wouldnt be a surprise to see an increase in the amount of gold bullion smuggled into the country. (Source: UPDATE 1-Gold smuggling in India likely to rise if curbs stay-WGC, Reuters, February 18, 2014.) But this is just the tip of the iceberg. We see uncertainty in the global economy is increasing, as well.
Its likely that the G-7 will soon impose official economic and diplomatic sanctions on Russia. U.S. economic data released Wednesday was again light and did not impact the markets. In other news Wednesday, industrial production in the European Union fell by 0.2% in January, from December, and was up 2.1% year-on-year. The decline in EU output was unexpected and could have an influence on the European Central Banks monetary policy. The ECB has been battling tepid EU economic growth and deflationary concerns with a very stimulative monetary policy. While gold and the raw commodity sector have fared well in the first quarter of 2014, the copper market has seen its price fall dramatically the past week. Comex copper futures prices hit a nearly four-year low Wednesday. Part of the selling pressure on copper comes from concerns about weakening Chinese economic growth.