The FT
reports that gold -- in addition to selling off over the past several weeks
-- is seeing all kinds of slowness in the real, physical word.
The
US
Mint’s sales of American Eagle gold coins, seen as a good indicator of
investor sentiment, fell in February and March to their lowest level since
mid-2008, down about 70 per cent from last year.
Open interest in gold futures
on Comex in New York is close to a 2½-year low.
More worryingly, traders say, the physical markets
Asia and the Middle East, which have traditionally provided a backstop to gold
when prices fall, are also quiet. In India, historically the largest consumer of
physical gold, the government last Friday announced it would double taxes on
gold imports, triggering outrage among the country’s jewellers, who closed their
shops this week in protest.
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