Thursday, August 2, 2012

Julian Phillips - QE, The EU and a change of mood in gold


I've noticed a very significant change in mood in the market. Some markets suddenly want to see good news and they don't react to bad news anymore and sometimes it's the other way around. Well I've noticed now that the gold market wants to react to news that will send it higher and is no longer acting to news that pushes it lower. It's had such a long time at building this huge support between the current price and $1500 that its almost bedrock. So I expect to see prices move forward. If the quiet season comes to an end mid-August, late-August, then traditional demands come in for the festive seasons and India and the developed world, I see demand rising. So I see prices steadily moving up towards the year end and then its met by this new force that comes into the market. So I'm extremely positive - I'm always hesitant to give a price because it implies that currencies have a value in themselves, but I think the gold price will reflect the decay of currency values...

Listen to the interview here

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