In April, China increased its gold holdings by about 8.09 tons, bringing the total to approximately 2,076 tons, following a 120-ton increase in reserves in the previous five months.
Gold is fighting a huge battle! Gold on a closing weekly basis is above it... by $5. Market has a bullish higher lows and higher highs, good. Overbought in an uptrend. This is what bothers me..
Chinese economic growth has disappointed in April. This is the sole reason for the selloff in price of copper, zinc, and aluminum price. Short term technical breakdown added to fears of bulls.
But the more morose lowlight was the comprehensive shellacking of Silver, her selling overdone indeed! And it all happened in just these last two trading days..
The bottom line is big US stocks’ latest quarterly results looked bearish. Their collective revenues barely grew, actually shrinking when adjusted for inflation.
Every attempt now to break to new record highs is being blocked. We knew this was going happen, but the issue for the gold cartel is the that the banking crisis is long from being over.
