Gold Settles $17.90 Higher… ($1194.00)

Today’s Gold showed some resiliency today as the European Union continues to fuel the global demand for physical gold. The jewelers of India have been very active buyers the last few trading sessions as they continue buying price dips. The demand for Gold is always high in India and the jewelers of India have shown strong buying interest around the $1170.00-$1175.00 level. Last week gold had 60% plus technical correction and this has renewed buying interest from “bargain hunters”.

It has been reported that the Bank of Spain “has appointed a provisional administrator to run CajaSur”(a savings bank which has been devastated by property loan defaults). Unfortunately this may be the first of many. This news certainly made gold more appealing as investors seek safer havens…