It is odd that the gold price hasn't reacted on this yet.
The downward action this week in gold has much to do with the 1 week holiday in China. Fundamentals for gold look very good to me, at least on the demand supply side.
On a side note, APMEX silver premiums have gone to a new high of 16.5%. Very interesting.
|Chart 1: APMEX premium on silver|