Gold Cannot Seem To Make A Move Even With Fiscal Cliff

This is the way the world ends, Not with a bang but a whimper.

Was T. S. Eliot talking about the multi-year gold rush?

Gold just can’t seem to get any traction any more. The Feds announce QEternity, and gold moves down. Fiscal cliff talks fall apart, and gold still stagnates. This is how the yellow metal and the miners have done in the past month. Both are down about 4%. In the meantime, the S&P is up about 1.4%.

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GLD Chart

Why is this the case? I think weak Indian demand continues to be the culprit.

Hope, however, springs eternal, and I keep seeing articles stating that 2013 will be the year for gold. Unfortunately, Indian gold merchants disagree. India, just for the record, is the world’s largest consumer of gold. If the Indian gold merchants expect prices to be flat, then probably it is going to be flat. These guys know well where the demand (or lack thereof) is.

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